How to Set Up a Virtual Data Room
First, you must determine whether the virtual data room can be tailored to your company’s workflow. Many providers offer highly adaptable interfaces that allow you to integrate your company’s business processes and IT systems. They also offer features such as powerful levels of permissions, as well as watermarks that prevent leakage of documents.
Another important aspect to consider is the type of document which you’ll be using the VDR for. If you’re planning to conduct an M&A, you will have lots of documents related to due diligence such as research results, patents, etc. These documents require the highest levels of security and are especially susceptible to unauthorised downloads and copies. The best VDRs permit you to control access to the extent of each folder.
If you intend to make use of the VDR to share sensitive information with other parties outside your organization, it is worth checking if the vendor supports electronic signing. You’ll save time and money by removing the requirement to sign in person.
It is also worth looking at the limitations on file size, storage and type of files that the virtual data room offers and its overall capacity. You don’t want to be surprised by unexpected limitations on the size of files that can be downloaded or uploaded.