VDR providers provide a secure platform for sharing data, storing and collaboratively reviewing sensitive information. The best vendors provide features such as robust security implementations as well as central admin dashboards that give specific permissions and activity logs. They also offer customizable user notifications, stylish file organization tools and detailed analytics to streamline workflows. Some vendors offer advanced features that simplify critical procedures, such as due diligence and M&A transactions. They may also be equipped to host large files that aren’t able to fit on a standard cloud file-sharing app.
For law firms, VDRs make it easy to share documents, case files, and other confidential client information with associates, experts and external counsel. They assist in efficient collaboration during M&A deals and fundraising. In addition, the most effective VDRs can aid in ensuring compliance with laws governing data protection and data privacy, including GDPR.
During M&A deals, companies must exchange a significant number of documents with third-party companies. This requires a VDR that can support multi-layered permissions and allow granular tracking of access for both external and internal users. It’s also a good idea for you to select a VDR that has features such as hierarchical labels that can aid in organizing documents faster and help with searches. Also, you should look for a vendor with an integrated auto-redaction. This helps eliminate mistakes in data entry by hand and also saves time when doing due diligence. The majority of VDRs are also integrated with collaboration tools, which allow remote working. They should be simple to set up, and have an intuitive interface.
