The final point is that the use of a VDR makes it easy for anyone to use it -for example, C-level executives working on M&A deals HR departments that are responsible for maintaining employee records, project managers who are responsible for various aspects of a business operation, or even internal employees that need to share files and data with outside contractors to perform their duties safely and effectively. This is particularly applicable to companies whose whole existence and growth is contingent on the protection of their precious intellectual property (IP) and sensitive data.
The best VDR and document management solution offers a range of features that make the due diligence and dealmaking process simple and efficient. This includes indexing of documents, search capabilities using text and metadata, as well as simple tools for creating and managing documents and folders. These include auto-renumbering, infinite scrolling, and favorites. Software features worth considering include an activity tracker with an automatic versioning system, as well as a robust document tracker.
A well-thought out folder structure with consistent naming conventions and access rights play key roles in ensuring a smooth flow of work for a business or project. A well-designed VDR will provide the ability to assign granular access rights to documents and folders based upon role and responsibility. The VDR will also provide statistics on who has viewed and printed each document.
Lastly, the best VDRs will ensure that all sensitive data is secured during storage and when in transit. This is a must-have for ensuring compliance with privacy laws and safeguarding against unauthorized access.