The bottom line is that the use of a VDR makes it easy for anyone -whether executives at the top of the chain working on M&A deals HR departments accountable for maintaining employee records, project managers in charge of various aspects of a business operation, or even internal employees who have to share data and files with contractors outside the company — to do their work securely and effectively. This is especially relevant for businesses whose entire existence and growth is contingent on the security of their valuable intellectual property (IP) and sensitive data.
The right VDR solution and document management software provides an effective combination of features that make the due diligence and deal-making process effective and effortless. They can include document indexing as well as search capabilities that are based on metadata and text. Additionally, there are intuitive tools to create and manage documents and folders, which include auto-renumbering and infinite scrolling. The features you should consider are an activity tracker that includes the ability to create versions and a robust document tracker.
A well-designed folder structure consistent naming and access permissions are all important to ensure that a plan or deal goes smoothly. A great VDR will have the capability to assign granular access rights to documents and folders according to the role and the responsibilities. Additionally, the VDR will provide statistics on who has viewed, downloaded and printed each document.
Lastly, the best VDRs will ensure that all sensitive data is secured when stored in storage and in transit. This is a must-have to ensure compliance with privacy regulations and protecting against unauthorized access.