Virtual data rooms, as opposed to generic file-sharing services, provide high-end security and control, and also functionality, to aid in online due diligence and document collaboration among other tasks that are mission-critical. As such, they are a common tool for businesses in various industries that depend on the most secure and convenient when it comes to sharing private documents with third parties outside of the firewall.
Depending on their industry, businesses can benefit from the various features available through the majority of VDR vendors. Life science companies, for example utilize the VDR to share HIPAA-compliant documents with investors to display the results of clinical trials and research and development data. Biotech companies also use a VDR for managing their intellectual property, as well as streamlining M&A deals with detailed activity tracking.
Another feature that is commonly used is the ability to use watermarks as well as set expiration dates and revoke access remotely for digital rights management (DRM). Some providers allow users to organize their files according to a hierarchy folder structure similar to the traditional file system. This lets them categorize their data in a systematic manner and facilitates searching. An audit trail that is thorough provides details about who has accessed documents and the time they were accessed.
The majority of VDR vendors offer trial trials for free to give companies the chance to try their system and learn about how it functions prior to committing to a full subscription. During this period they can assess the reliability and performance the pros and cons of virtual technologies data to determine which providers can meet or exceed their expectations. It is also important to consider the level of support each provider offers for their solution. Given that transactions and business processes don’t follow the 9-5 timeframe, choosing a vendor that offers 24/7 support is vital.
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