What to Look For in VDR Software
VDR software lets users share important business information and files on the internet, in a controlled manner. It is accessible from any device with an internet connection, removing the need for physical paperwork and reducing costs. It’s a great solution for M&A procedures as well as due diligence and other important business transactions.
When selecting a VDR software provider, make sure to choose one that is ISO/IEC 27001: 2013 certified SOC 1 or 2 certified Data Centers and HIPAA certified. It is also good to select a provider that offers specific permission settings, eight levels of access to documents rights and physical data protection. These features are essential for creating a secure collaborative environment.
Before you begin to implement the new virtual data space it is recommended to choose a system administrator and create an inventory of users. This will ensure all documents and processes are recorded and tracked. It is also recommended to create a protocol for naming folders, and to keep the structure of your files consistent throughout all projects. This will minimize the chance of sensitive information being accessed by unintentional third parties.
Life science companies make use of VDRs for their business. VDR to store R&D reports and regulatory filings. VDRs also help to track the level of interest from investors, as startups can monitor which documents are being read and the amount of time spent in the room. This lets them tailor their responses to investors and show the highest level of professionalism in their approach. A great VDR will also allow a company to quickly organize an online meeting by simply clicking an icon, thereby streamlining the process of negotiating.