The market for virtual data rooms is full of vendors, but the best ones offer an entire tool that can meet the intricate needs of modern digital collaboration. Security, user comfort and the latest tools are the most important features. Some VDR providers use an approach that is top-down to organize documents. Users create folders based on the level of confidentiality, department, or deal stage, and then split them into simple-to-use arrangements. Others adopt a bottom-up strategy by allowing users to create specific subfolders to share documents with the most relevant individuals.
Another important feature is the granularity of permissions for documents, which permit companies to allow access to specific documents and not entire categories of professionals. This can significantly simplify the task of granting access to third parties while ensuring the industry standard. Moreover, it is important for a VDR to have a robust search engine that can find text in many types of documents and even convert documents to easily searchable PDFs.
A VDR must be able handle multiple projects simultaneously. This is particularly important for businesses that are going through multiple rounds of capital raising, or a merger and acquisition process. Multi-project management software can help companies avoid duplicate documentation and delays in due diligence or negotiations.
It is also important to choose the VDR with a simple and user-friendly configuration. A complicated and difficult-to-use interface will hinder collaboration, delay transactions, and may lead to costly mistakes.