VDR software allows users to share important business data and files on the internet in a controlled way. It is accessible on any device with an Internet connection, which reduces the need for paper and reducing overheads. It is a great solution for M&A procedures, due diligence and other important business transactions.
When selecting a VDR software provider, be sure to select one that is ISO/IEC 27001: 2013 certified, SOC 1 or 2 certified Data Centers and HIPAA compliant. It is also advisable to select one that has the ability to customize permissions with eight levels of access to documents rights and physical data protection. These are key elements to ensure a secure collaboration.
Before launching the new virtual data space, it is good to choose an administrator of the system and establish an inventory of users. This will ensure all documents and processes are documented and tracked. It is also a good idea to create a protocol for naming folders, and keep the file structure uniform across all projects. This will minimize the chance of sensitive information being accessed by unwanted third parties.
Life science companies utilize a VDR to keep R&D reports and regulatory filings. VDRs also aid in tracking the interest of investors as startups can view what documents are being viewed and how long spent in the room. This allows them to tailor their responses to investors, and demonstrate professionalism in their approach. A good VDR platform can also allow here businesses to quickly set an online meeting in one click, simplifying the process of negotiating the transaction.