Virtual data rooms help businesses with due diligence and collaboration, as well as other processes that require sharing sensitive business data. They offer greater control over access to documents and files than free online tools like Dropbox or Google Docs. They also provide features such as customizable watermarks and more specific permission settings. They also make a great first impression for potential investors and clients.
VDRs for instance, are commonly used in the real estate sector to exchange documents when litigation is pending or other projects require a high level of security. They are also useful in the life sciences industry where companies merge or raise funds and their intellectual property needs to be protected. If you’re considering evaluating VDR providers, it is best to check out third-party reviews and employee testimonials. This will give you a clear and complete picture about how the software operates.
VDRs are more expensive than traditional cloud storage, however their superior functionality and expert customer support make them well worth the cost. The majority of modern providers provide chat in-app, phone and email multilingual customer support and help centers with product video. These are features that traditional cloud storage services do not place a high priority on.
Another thing to consider is whether the virtual data room platform integrates with other tools you use for project planning. Some vendors are integrated with Slack or Office 365 for example, which can help you save time while working on a specific project. In addition, some VDRs offer advanced collaboration features like document annotations, Q&A sections as well as tasks assignment.