For most businesses, a virtual data room is an indispensable tool to facilitate any business transaction. The right VDR solution can make the difference between an efficiently streamlined procedure and one that’s complicated and hinders deal success.
A reputable virtual data room provider can customize features that further protect sensitive data. These include robust physical security measures like offsite backups of data as well as fire protection, among other physical security measures. These features include data encryption in transit and at rest, dynamic watermarks that are placed on every page of a printed or viewed document as well as granular permissions to users that let administrators control who can view, download, or print documents.
Another key advantage of the virtual data room is that it serves as a centralized place to store and share confidential documents. This cuts down on the time spent sending documents via email and makes it easier to access files during due diligence, project coordination, or other business functions.
A good virtual data room gives an audit trail of all document and user activities. This straight from the source is an essential feature for businesses in highly regulated industries like finance or healthcare, where compliance is paramount. In the event of a investigation or audit, the ability to track when and who accessed data can help maintain the compliance.
In a recent case the largest pharmaceutical company employed a virtual data room to support a complex merger with another industry giant. The streamlined communication and enhanced security of data offered by the VDR allowed the parties to arrive at an agreement quickly and successfully.