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Virtual data rooms can be used by companies who want a safe place to review and share sensitive documents. The most common use-case is M&A due diligence, but it also works well for those who are just considering an offer to purchase, because they can safely review potential new business partners’ proposals with no risk of their personal information being leaked.
A reliable VDR can also be used to protect confidential agreements, contracts and other documents between clients and employees. People in the life sciences and technology industry tend to be the biggest users, however almost every company can benefit from accessing a virtual data room.
When you’re choosing a VDR there are certain characteristics to look for. These include drag-anddrop uploading and bulk-uploading advanced search filters and tags optical character recognition (OCR) tools to search full-text, automated indexing of files as well as dynamic watermarks that mark which documents have been printed or viewed, and applications for viewing documents on the go. Many vendors offer trial versions that let you to check out how the software performs and determine if it will meet your requirements.
Exceptional customer support is also crucial in ensuring compliance with security standards such as two-factor authentication, timed access expiration and IP address-based access restrictions. It’s always a plus if you can customize your virtual dataroom using your own branding, terms of service and security standards.