What Is a Virtual Data Room?
A virtual dataroom is a repository online that lets you save documents and information in a secure, controlled environment. It is used most often during business transactions like M&A, and to provide third party users with confidential access to data.
Utilizing online storage to share sensitive documents with others allows businesses to form partnerships and collaborate with other businesses. For instance, an architect might need to share plans with contractors in order to coordinate the construction. A business that sells products or services may require to share contracts. Companies can quickly transfer files and securely using an online repository.
Many VDR providers provide a free trial for users to test their system and verify that it is suited to their needs. Examine if a VDR meets the legal requirements of a specific industry, such as HIPAA. It is also important to know how much technical support the company provides. Modern VDR providers offer multilingual support via phone, email, and in-app as well as knowledge bases and product videos.
To maintain control of the information stored in a VDR, it’s important to have granular document permissions. This lets you specify the folders and documents that can be viewed by each user. You can also restrict access to a specific document based on IP address or limit access until a particular date and time. Additionally, you can create rules that automatically index the data room and apply branding features.
