A VDR is a tool that allows anyone to work efficiently and securely regardless of whether they are senior executives involved in M&A transactions, HR departments in charge of maintaining employee records, or internal employees who need to share data and files with contractors. This is especially true for companies whose entire existence and success is dependent on the security of their valuable intellectual property (IP) and sensitive data.
The right VDR and document management solution provides a powerful combination of features that allow due diligence and dealmaking process simple and efficient. This includes document indexing, search features that are based on text and metadata, and powerful tools for creating and managing documents find and folders, including auto-renumbering and infinite scrolling as well as favorites. Software features to consider include an activity tracker that has an automatic versioning system, as well as a robust document tracker.
A well-designed folder structure, consistent naming and access rights are essential to ensure that a plan or deal runs smoothly. A well-designed VDR lets you create granular access permissions based on the roles and responsibilities of folders and files. The VDR will also provide statistics on who has viewed, printed and downloaded each document.
The most secure VDRs ensure that all sensitive data is encrypted both in storage and during transit. This is essential to ensure compliance with privacy laws and safeguarding against unauthorized access.