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VDR software allows companies to share confidential documents with external other parties, such as potential investors or clients. This is particularly beneficial in the legal industry where many procedures require the sharing of sensitive documents. Virtual data rooms are useful for due diligence processes, M&As as well as fundraising or IPOs. They streamline the process and make sure that important information is not exposed to unauthorised third parties.
The ability to integrate the platform with existing applications for business makes it simple for both parties to collaborate on projects. As an example, the integration of Asana allows users to link tasks in Asana to relevant documents on VDR. This helps project managers as well as teams to keep track of the progress of their projects and the responsibilities they have.
Find a platform that offers features that will meet your needs. A VDR should be safe with malware and virus scanning, multifactor authentication and advanced encryption. In the ideal scenario, it will have an audit log which records all document and user activities and the capability to examine these specifics. It’s also worth checking if a VDR partner has certifications from third parties, such as SOC, to give you confidence that the platform is compliant with industry-leading security standards.
Another essential feature is a simple, clear interface that’s equally accessible to the CFO as it is for an beginner accountant. Choose a vendor who prioritizes this with a simple configuration and numerous deployment options. Find out if your VDR can be customized with your logo, terms and condition, and the general layout.