The virtual data room is a unique business software product that allows you to securely share confidential documents and files. Modern VDRs come with a variety of features, including data security (encryption at rest and in transit, multi-factor authentication and session timeouts), document security, (watermarking and blind viewing), and security of infrastructure (data center redundancy and anti-virus protection).
VDR providers offer a range of collaboration tools that could positively influence workflows during M&A transactions as well as other complicated business processes. Users can post comments and ask questions on documents, create task assignments and track their activities. This is a vital feature because it helps avoid unnecessary delays and confusions in taking decisions.
Modern virtual data rooms are also simpler and less expensive to use than physical repositories or traditional cloud storage solutions. Users can access files on-demand, even from remote locations and across various time zones. VDRs also offer a central auditing system for corporate accounts and practices, saving time and money.
With a VDR you can locate the information quickly and easily with full-text search options including indexing options, as well as many document management tools (rearrangement drag and drop and renumbering as well as export to Excel). You can also access detailed reports of document and user activities such as who visited them, at what time they were accessed and for how long time. The largest users of modern VDRs are life technology and science companies, however, all businesses can benefit from secure sharing of sensitive documents.