A virtual data room (VDR) is used in any scenario in which a company needs to share confidential information with third parties without risking a breach or compliance. A VDR is a fantastic tool for any company looking to protect board communications or complete an M&A deal or find the cure for a disease.
Most VDR providers provide a free trial so you can “kick tires” and discover what each solution has to offer in the real world. When you use the trial option, you’ll be capable of seeing how the VDR can streamline the process of due diligence and make complex business transactions run smoother.
The ideal VDR will consolidate all your digital tools into one integrated system that’s simple and easy to navigate. With a full range of features, including an executive suite and a folder structure that is akin to your own file system and a search function that is specifically designed for you that you’ll feel you have a secret weapon at your disposal when your team needs to share sensitive data with third-party users.
The ability of the VDR to be accessed from any location connected to the internet means that it can be used by teams across the globe, removing the geographical barriers to collaboration and enabling it. VDRs are also an affordable alternative to physical data rooms. Furthermore, the granular access control features provided by certain VDRs permit administrators to limit who is able to access what, when and in what order — which means they can safeguard sensitive information from unauthorized access.