The bottom line is that a VDR makes it easy for anyone to use it — whether C-level executives working on M&A deals HR departments charged with keeping records of employees, project managers in charge of various aspects of business operations or even internal employees that need to share data and files with contractors outside the company — to do their work securely and effectively. This is especially applicable to companies whose whole existence and growth is contingent on the protection of their valuable intellectual property (IP) and sensitive data.
The best VDR and document management solution gives you a powerful set of features that help make the due diligence and dealmaking process simple and efficient. They can include document indexing as well as search capabilities based upon metadata and text. There are also easy tools to design and manage documents and folders, such as auto-renumbering and endless scrolling. Other features of software to look out for include a robust activity tracker and document versioning.
A well-thought out folder structure, consistent naming conventions and access rights play key factors in ensuring smooth flow of work for a project or business deal. A well-designed VDR will have the capability to define granular permissions for documents and folders according to role and duties. The VDR will also provide statistics on who viewed or printed the document.
The most effective VDRs ensure that all sensitive data is secured both in storage and while it is being transferred. This is a must to ensure compliance with privacy laws and preventing unauthorized access.