Virtual data room software can improve workflows for day-today operations and special projects by bringing all the elements associated with coordinating, collaborating and delegating to one place. It also offers security for sensitive documents and records. It is crucial to have clear guidelines for how teams and individuals can use a VDR. A clear and defined process for collaboration, sharing files and storage will ensure that the investment you make in the solution is worth it.
Some of the leading virtual data rooms offer granular document permissions for access privileges, simplified processing of documents via email, OCR and translation, an centralized dashboard that provides comprehensive overviews, NDA pop-ups, activity reporting, and much more. Some are specifically designed for M&A and include features like a secure fence view audit trails, auto-indexing of folders and file structures, as well as unlimited user accounts.
The best virtual data room solution depends on the size of your company and transaction types. There are a myriad of tools available. It’s worth reading about the experiences of other users on software review sites. It’s important to avoid review sites that provide paid reviews of vendors.
Google Drive is a free cloud storage solution that can be sufficient for smaller companies. It provides ample storage and basic file-sharing capability, along with a suite of collaborative applications for Word PowerPoint and Sheets. Other options for free include Microsoft OneDrive, Box and GitHub. For larger companies, a cloud-based option such as DealRoom can deliver all the functionality of the VDR but at a lower price.
