As the due diligence process for M&A transactions becomes more complicated, companies are turning to virtual data rooms (VDRs) for a quick secure way to share and review documents. How do you choose the right VDR for your business?
Begin by determining what you want to achieve. Choose the top VDRs that will meet your needs. Go through their websites and read reviews from users. Find a user interface that is streamlined and modern, offering both efficiency and simplicity.
Make sure the VDR is fully integrated with your other technology tools after narrowing your choices. A well-integrated platform can allow you to swiftly switch from one tool to another to speed the process of due diligence and other workflows.
Another consideration is whether the VDR has an upper-down or lower-up filing system. Top-down filing systems create the logical structure of folders and subfolders that allow users to easily navigate through files. This structure is a good choice for larger projects as well as for companies that need to organize data according to department or project stage.
Be aware of the security options each provider provides. Data breaches can be costly and put thousands, if no millions, of people at risk. When shopping, you should look out for providers that aren’t ISO 27001-compliant and do not offer two-factor authentication for security against theft of passwords aswell with digital watermarking to stop the reproduction of documents. The best VDR providers offer 24/7 customer support in multiple languages which can assist you in understanding their capabilities and features.
