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A virtual dataroom (VDR) offers an encrypted platform for businesses to keep and share confidential documents during business processes, like M&A transactions, capital raises, and audits. Due diligence is one of the most common VDR uses however it can be used to perform other tasks, like strategic reviews or board communications.
The security of a VDR starts with the encryption of all data. The majority of VDR providers offer a variety of encryption options including AES-256, RSA 2048 and 3DES. In addition, many VDRs include multi-factor authentication and two-step verification. Additionally, a majority of VDR providers offer an in-app live chat feature as well as a knowledgeable support team that speak multiple languages.
Modern VDRs permit administrators to monitor the activities of the repository with detailed reports. You can see which documents were the most frequently viewed by whom and how long. This is an extremely useful tool to help you keep projects on course.
VDRs save time by offering advanced features such as document indexing, granular access rights, automatic reminders and versioning. This makes it easier for your team and reduces the possibility of human error during complex transactions or processes that involve numerous documents. Certain VDRs also allow you to schedule daily reports to be delivered directly to your inbox, ensuring you can stay up-to-date with projects even when you’re not in the office.