A virtual data room lets companies share and review sensitive corporate documents or documents related to an enterprise process or transaction. A VDR should have advanced features to ensure that all parties in the deal have access to the correct files at the right time and be reviewed by them.

Search for a VDR provider with a proven track record of performance and reliability. Ask the vendor to provide information regarding uptime delay, interruptions and delays and also details on how fast the software can retrieve the file. Examine whether the software comes with built-in security tools as well as digital rights management. These features include a customizable setting such as watermarking, a watermarking Read Full Article option, and other restricted viewing options that can deter leaks or unwanted document disclosure.

The Life Science Industry

Life Science companies (biotech, medical devices and pharmaceuticals) deal with sensitive data which must be secured and shared with care. Look for a VDR that allows users to upload files and create a highly structured, logically-organized folder structure with standard document names and numbers. A hierarchical system can reduce the amount of time people spend searching for and finding files. Search and versioning capabilities can speed up document reviews.

A virtual data room is a great way to connect with a variety of parties, and to facilitate Q&As without the need for email or messaging applications. Choose a provider that lets administrators easily sort questions and answers, set priority levels, and create reports. The best providers permit users to tag documents using relevant keywords and also use other tags to enhance document organization.