If you’re looking for an online repository to store and share sensitive information or a smart VDR to facilitate collaboration in due diligence processes, finding the most suitable VDR provider is dependent on your use case. The number of participants, the length of the project, and the description post about how to perform an effective virtual data room review type of data all influence which features are required. Be aware of whether the users are from the internal or external and whether they are technical or not. Idealy the VDR you select is one that can be scalable, incorporating both general-purpose and industry-specific functionality.
Choose a VDR that has the ability to track user activity and report to ensure security, compliance and visibility. Look for tools that allow you to track and examine file downloads, uploads and user behaviour in real time. Drill-down reports and full audit logs convert data points into digestible data for simple and efficient due diligence processes. Additionally, search capabilities should be robust with optical character recognition (OCR) for PDFs and images as well as filters to narrow down the files according to file type or status, or even viewing activity. Finally, customer support must be available around the clock to assist new users set access levels and navigate data structures.