Virtual data rooms (VDRs) allow due diligence simpler, quicker and more secure. Virtual data rooms give dealmakers and other interested parties the opportunity to examine documents without the need to travel to a physical data room. Additionally the entire process can be documented in a full audit trail.
The life science industry, for instance handles a lot of intellectual property. This includes everything from clinical trial results to HIPAA compliance and licensing IP to storing patient data. Life science companies utilize VDRs to guard and share this valuable information with outsiders.
Apart from protecting confidential information virtual data rooms also offer users with granular document access rights. The administrator can decide whether users are allowed to view download, edit, or print files from the VDR. In addition, the administrator can set up watermarks that are customizable to deter hackers trying to access files with shady intentions.
If you’re looking for the best VDR to meet your company’s requirements, be aware that the top providers offer 24/7 customer service and multilingual help desk staff. This means they’ll be there for you when you require them the most. Also, when choosing a VDR partner, be sure to look at their performance metrics, such as uptime and reliability. Also, ensure that their software is compatible with your tech stack and offers an intuitive interface. You can also take advantage of a free trial to assess the quality of their service and features prior to making a decision.