Data rooms are an ideal solution for M&A due diligence, as well as other complex projects that require a secure and structured environment. They also help companies avoid common mistakes, such as sharing documents via email or instant messaging, which often can lead to leakage of information.
VDRs are designed to be secure and offer the highest level of security by requiring that users pre-register to access the system. Administrators can restrict access per user and check activity to ensure that no one downloads or views information that they aren’t allowed to. They can also revoke access to documents and files that were downloaded.
VDRs are, in addition to providing security, are easier to use and more user-friendly than file sharing software like Dropbox or Google Drive. They facilitate efficient collaboration through comments and questions, and provide detailed tracking. They can be accessed via desktops and mobile devices. This allows team members to collaborate remotely, no matter the location they’re in.
To get the best VDR experience, choose providers that offer professional customer support. The top providers offer live chat in-app or phone support, as well as email and multilingual support and training videos and dedicated project managers. In addition, they must be able transform the audit logs of activity in the data room into virtual data rooms vs traditional document management custom reports. iDeals is one example. It offers a trial period of 30 days as well as a comprehensive Help Center, guides, and 24-hour customer support that includes a 25-second response time on the phone and a 30-second response time in chat.
