What to Look For in VDR Software
VDR software allows users to share important business data and files on the internet, in a controlled manner. It can be accessed via any device with an internet connection, eliminating the need for physical paperwork and reduces overheads. It’s a great option for M&A procedures, due diligence and other important business transactions.
Choose the VDR provider that is ISO/IEC 27001 certified, has SOC 1 or 2 and is HIPAA secure. It is also recommended to select a provider that offers an extensive set of permission settings as well as eight levels of access to documents rights and physical data protection. These are vital features for creating a secure collaborative environment.
It is best to create your own list and name an administrator prior the beginning of the process of creating a virtual data room. This will ensure all documents and processes are tracked and documented. It is also recommended to create a protocol for naming folders and keep the file structure identical across all projects. This will help to reduce the chance of sensitive data being accessed by unsuspecting parties.
Life science companies keep R&D documents and regulatory filings in the form of a VDR. VDRs also help to track the level of interest from investors, as startups can track which documents are being viewed and the amount of time spent in the room. This allows them to tailor their responses to investors and demonstrate professionalism in their approach. A quality VDR can also allow an organization to quickly set up an online meeting by clicking one button, which will speed up the deal process.
