Choosing the Right Virtual Data Room for Your Industry

In contrast to the generic file sharing services virtual data rooms offer professional-grade security, control and capabilities to facilitate online due diligence as well as document collaboration and other critical processes. This is why virtual data rooms are a popular option for businesses operating in different industries that require the best level of security and ease to share confidential documents with other parties without a firewall.

Based on their field of operation businesses can take advantage of many of the features offered from the majority of VDR vendors. For example life science companies frequently utilize VDRs to share VDR to share HIPAA compatible documents with potential investors in order to show the results of clinical trials, or research and development data. Biotech companies also make use of VDRs to manage their intellectual property and streamlining M&A deals by providing detailed activity tracking.

Another common feature is the ability to use watermarks or set expiration dates, and restrict access remotely for digital rights management (DRM). Certain providers let users arrange their files into an organization structure that is similar to the traditional file system. This allows them to categorize their files in a logical way and makes searching easier. A thorough audit trail provides details on who accessed the documents and when they accessed them.

Most VDR vendors offer free trials to give businesses a chance to test their platform and understand how it works before making a decision to sign up for a long-term subscription. During this time, businesses can compare performance and reliability to determine which partners are meeting or exceeding expectations. It is also important to consider the level of support each company offers for their product. Since business transactions and processes are not governed by the 9-5 routine selecting a provider that provides 24/7 support is vital.

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