Virtual data room software helps streamline the processes of day-to-day business operations and special projects. It accomplishes this by centralizing all the information related to organizing, communicating, and delegating. It also provides high security for sensitive records and documents. To get the most value of a VDR, it’s important to establish clear guidelines for use by both teams and individuals. A clearly defined procedure for collaboration, file sharing and storage will ensure that the investment you make in the solution is well worth it.
Some of the leading virtual data rooms provide granular document permissions for access privileges, efficient processing of documents via email, OCR and translation, a centralized dashboard with robust overviews, NDA pop-ups, activity reporting, and much more. Others are geared specifically for M&A and offer features such as secure fence view audit trails, auto-indexing folders and file structures, and unlimited user accounts.
Selecting the best virtual data room solution depends on the size of your company and transaction types. A variety of tools is available so it’s worth looking at review sites for software to read about other users’ experiences. Avoid review sites that provide paid reviews of vendors.
Google Drive is a free cloud storage service that could be sufficient for smaller companies. It provides ample storage and basic file-sharing capability, and a collaborative suite of applications for Word PowerPoint and Sheets. Microsoft OneDrive, Box, and GitHub are all free alternatives. For larger businesses, a cloud-based service like DealRoom can deliver all the functions of a VDR but at a lower price.