A Virtual Data Room (VDR) is an online secure document repository where users with authorization can upload and access sensitive files. The top VDR providers offer a broad range of features to optimize business processes in multiple industries. VDR software for businesses is perfect for any scenario where external parties are required to scrutinize sensitive company documents and files for due diligence, whether it’s by law firms during an M&A process or financial analysts examining budgets and economic reports or a mortgage broker reviewing loan applications.
The top VDRs provide tools for efficiently organizing these files and documents making use of automatic indexing, simplified workflows that can be customized with templates and flexible permission settings to manage usage. They also help accelerate project productivity with tools for helping facilitate discussions with other parties and providing a rich search experience using filters, bookmarks, favorite folders and infinite scrolling. Furthermore, the most effective VDRs let you keep track of who is accessing the VDR and the pages they’re visiting. This information can be used to serve a variety of reasons, including to improve projects or discover new opportunities.
A reliable VDR is also equipped with strong security protocols, such as two-factor authentication, fence view and other features that restrict authorized users from taking photos or screenshots of confidential files. Administrators can also restrict access by limiting the hours of use as well as IP addresses in order to ensure that anyone who gains unauthorized access to the computer won’t be able access the VDR.