Contrary to common file sharing services virtual data rooms offer professional-grade security, control and features to help facilitate online due diligence as well as document collaboration and other essential processes. This is why virtual data rooms are a popular choice for businesses in varying sectors that require the highest security and efficiency to share confidential documents with other parties outside of the firewall.

Based on their field of operation companies can benefit from many of the features offered via the majority of VDR vendors. For instance, life science companies often use a VDR to share HIPAA certified documents with investors looking to present clinical trial results or research and development data. Biotech companies also employ a VDR for managing their intellectual property and streamline M&A processes by providing detailed activity monitoring.

A common feature is the ability for digital rights management to remotely restrict access, set expiration dates, and also apply watermarks. Some providers allow users to arrange their files into a hierarchy folder structure similar to the traditional file system. This lets them categorize their files in a logical way and facilitates searching. An audit trail that is thorough provides details on who accessed the documents and when.

The majority of VDR providers offer trial periods for free to give businesses a chance to test their service and learn more about how it functions prior to concluding a full-time subscription. During this time, businesses can compare performance and reliability to determine which vendors have met or exceeded expectations. Additionally, it’s important to take into consideration the degree of support each vendor provides for their solution. Since business processes and transactions aren’t governed by a 9-5 routine It is crucial to select a provider that offers round-the clock support.