How to Choose the Best VDR for Your Business

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VDRs (virtual data rooms) are online storage systems that permit companies to upload and manage their data quickly. They facilitate M&A deals as well as private equity and venture capital transactions and make due diligence easier. They allow organizations to share information with their partners, consultants and investors through secure links. Some vendors also offer an online Q&A section where users are able to ask questions and receive prompt responses.

When selecting the most suitable software, you should be focusing on security and compliance, cost and usability. Verify if the service has the right combination of features that will suit your company’s needs. You can also look up customer reviews on third-party platforms like Trustpilot and Software Advice. In addition, you should look for a company that offers 24/7 support and is available via multiple channels of communication. The ideal provider should also be willing to offer training materials and respond within 30 seconds.

In addition to basic functions, a great VDR must have advanced features, like a scroll-through document viewer, Microsoft Office integration and advanced text search. It should also be simple to use with a short learning period. The best VDRs do not require plugin installations, have a drag and drop interface and are compatible with mobile devices. They should also have security features with high-security, like password protection and encryption, vector watermarking in real-time and the ability to detect malware. They should also possess various security certificates such as FedRAMP, FINRA and HIPAA. They should also be able automatically sort and categorize documents by using OCR which can enhance search efficiency.