A virtual dataroom (VDR) provides an encrypted platform for businesses to keep and share confidential documents during business processes, like M&A transactions capital raises, audits. Due diligence is by far the most popular VDR use case, but they can also be used for other tasks like strategic reviews, tenders and communications to boards.
The most significant feature of the VDR is its security, and it starts with encryption of all data. Most VDR providers offer various encryption options, including AES-256 RSA 2048 and 3DES. Additionally, many VDRs come with multi-factor authentication and two-step verification. The majority of VDR providers also offer a live chat feature within the app as well as a support team who can speak many languages.
Modern VDRs also permit administrators to monitor the activities of the repository through detailed reports. You can view the most popular documents viewed by whom and the length of time. This is a useful tool to keep your projects on schedule.
VDRs can cut down on time with advanced features such as document indexing, granular authorizations, versions control, and automatic reminders. This makes it easier for your team, and reduces the possibility of human error during complex transactions or processes that involve lots of documents. Some VDRs also allow you to schedule daily reports to be delivered how to make custom products for boats directly to your inbox so you're on top of projects even when you're away from the office.