Virtual data rooms are unique software application for businesses which allows them to securely share files and documents. The most important characteristics of modern VDRs include data security (encryption during transport and at rest multi-factor authentication session timeouts and granular user permissions) Document security (watermarking and printing that is disabled, blind view, screenshot blocking) and infrastructure security (data center redundancy antivirus protection, 24 hour data recovery).
VDR providers provide a variety of collaboration tools which can positively impact workflows during M&A transactions and other more complex business processes. Users can leave comments and ask questions about documents, create task assignments and keep track of their activities. This feature is important to avoid unnecessary delays and misunderstandings when making decisions.
Modern virtual data rooms are also less expensive and more user-friendly than physical repositories or traditional cloud storage solutions. Users can access their documents anytime, anywhere and in any time zone. In addition, VDRs enable a centralized system for analyzing company practices and accounts, which saves time and money.
With a VDR you can locate the details quickly and easily, thanks to full-text search options including indexing options as well as many document management tools (rearrangement, drag and dropping, renumbering, export to Excel). Additionally, you’ll get detailed reports on the activity of users and documents and the time they were opened, by whom, and for how long. The largest users of modern VDRs are life science and technology companies, however, all businesses benefit from the secure sharing of sensitive documents.