The bottom line is that VDRs are a boon to business. VDR simplifies the work of anyone to use it -for example, C-level executives working on M&A deals HR departments that are responsible for keeping records of employees, project managers who are responsible for various aspects of a business’s operation or even internal employees who need to VDR and document management share data and files with outside contractors to complete their tasks safely and efficiently. This is especially relevant for businesses whose entire existence and their success are dependent on the protection of their valuable intellectual property (IP) and sensitive data.
The ideal VDR and document management system gives you a powerful set of features that allow due diligence and dealmaking process simple and efficient. They offer document indexing and search capabilities based on metadata and text. Additionally, there are easy tools to design and manage the folders and documents, with features like automatic renumbering and infinite scrolling. Other features to look out for include a robust activity tracker and document versioning.
A well-designed folder structure consistent naming and access rights are crucial to ensure that a plan or deal is run smoothly. A well-designed VDR allows you to assign granular permissions based upon the roles and responsibilities assigned to folders and files. The VDR will also provide statistics on who viewed, printed and downloaded each document.
In addition, the most effective VDRs will ensure that all sensitive data is secured during storage and when in transit. This is an absolute must for ensuring compliance with privacy laws and safeguarding against unauthorised access.