A reliable, scalable virtual data room is a crucial tool for M&A transactions and other collaborations that require secure sharing of files. Selecting the best VDR software can help you close important transactions more quickly, minimize the risk of a transaction, and increase document management across teams.
You should look for a user-friendly interface that’s easy to learn and use. The best virtual data room place a high value on UX design in order to make it easier for users to perform important tasks like the import, searching and previewing of documents. Customized dashboards and interfaces based on roles ensure users see only the tools they require to do their job. Mobile optimization is also crucial to access the information on the go.
For data privacy, robust encryption and security features must be available. Make sure you have 256-bit SSL and AES encryption to protect the files while they are in transit and in rest, as well as two-factor authentication and customizable watermarks. Look for granular permissions based upon the role, document and folder levels and detailed activity logs which show who has viewed, downloaded and shared files.
The best virtual data rooms are built to ease secure collaboration. They are designed to support teams working on different devices, provide straightforward project management, a dedicated customer support, and have an easy learning curve for beginners. They provide advanced search capabilities and an impressive annotation feature that permits you to add notes on documents that are only visible by you (not other users viewing the document). If your team has to deal with large volumes of data, look for an application that allows you to export files in bulk or as an archive.
