The virtual data room (VDR) has long been an invaluable contribution to any location that data is shared, stored or analysed by a variety of parties. Certain tasks, however, call for something more. Due diligence processes in M&A for instance requires a solution that is more than a secure storage area for documents. It also includes additional tools to encourage collaboration and project management. This kind of VDR solution is sometimes referred as a lifecycle-management solution. Some vendors offer solutions that can be used to assist all aspects of the M&A process, such as due diligence, NDAs, and documents expiring.
The first step in selecting a service is to look at the types of documents and files you’ll be sharing, uploading, or reviewing using the software. It’s also important for you to consider the features you may need, including security options like dynamic watermarking, to prevent illegal copying as well as document encryption remote access revocation even after downloading, and the ability to create folders that limit access or allow.
Another consideration is the cost. Some data rooms use per-page pricing which can be costly for large number of documents you want to share. You should find a service which offers a trial version of the software to test it before committing to a subscription.
You’ll also want to ensure that the service you choose to use offers a robust audit trail, which records the entire user’s activities. This will let you observe the time that each user spent on each document as well as exploring the best virtual data rooms the location they clicked on the document. Some service providers can provide reports for each users or other charts to help you understand the statistics.