Virtual data rooms can be utilized by businesses who need a secure place to review and share sensitive documents. The most commonly used application is due diligence for M&A however, it can also be used by those who are merely contemplating a purchase, since they can look over proposals from potential new business partners without having to worry about their confidential information being leaked.

A well-designed VDR is also useful for protecting confidential agreements, contracts and other documents between employees and customers. People working in the life sciences and technology sectors tend to be the heaviest users, but nearly every company can benefit from accessing the virtual data room.

When choosing a VDR, there are some important features to look out for, such as drag-and drop uploading and bulk uploading, advanced search filters, tags and labels, optical character recognition tools that allow for full text search, automatic index numbering for files, dynamic watermarks to indicate which documents have been viewed or printed, and mobile apps to let you view documents on the move. Many vendors offer trial versions that let you to see how the software performs and if it can meet your needs.

Exceptional customer support is also important and so is compliance with security standards such as two-factor authentication, timed access expiration and IP-address-based access restrictions. And it’s always a bonus when the vendor will assist you in customizing your virtual data room to reflect your own branding and terms of service.

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