A virtual dataroom permits the safe and secure storage and sharing of documents across many industries. Due diligence is probably the most commonly used use case and a VDR helps both the sell-side and buy-side to organize and review the documentation of potential M&A deals.

Many law firms employ VDRs to streamline and automate some of their document-sharing processes. Pharmaceutical and biotechnology companies frequently utilize VDRs for sharing intellectual property, clinical trials and other important information with their investors.

A quality VDR should be simple to navigate, so look for one that works with the languages of your team members and offers an easy, user-friendly interface. A robust reporting and analytics system is also a key feature to consider as it can aid administrators in understanding the way their VDR is utilized and help identify patterns in the data. Make sure the VDR is compatible with other software programs in your organization and offers various file formats. Also, ensure that the client support representatives from the vendor are familiar with processes similar to yours virtual data room and can answer questions quickly and clearly. Because business does not always operate according to a 9-5 schedule, the top-of-the-line providers provide support 24/7. They go over and beyond to provide multilingual support. This level of service is what separates the top-of-the-line vendors from their competitors. A top VDR will improve the efficiency of your team, and also reduce the chance of costly errors and delays.