The first step is to determine if the virtual data room can be tailored to your company’s workflow. Many providers offer highly adaptive interfaces that let you integrate with your company’s IT systems as well as business processes. They also have features such as watermarks and powerful permission levels to prevent document leakage.
Another important aspect to consider is what kinds of documents you’ll be using the VDR for. If you’re preparing for an M&A and you’ll have many documents that are related to due diligence such as research results, patents, etc. These documents need to be secured at a very high level and are vulnerable to downloads and copies that are not authorized. The best VDRs allow you to restrict access down to the level of individual folders.
If you intend to use the VDR to share sensitive information with other people outside of your company, it is worth checking if the vendor supports electronic signatures. You’ll save https://thatvdr.com/what-should-you-know-about-a-virtual-data-room/ time and money by eliminating the need for physical signing.
It is also worth looking at the limitations of storage, file size and type that the virtual data room provides and its capacity overall. You don’t want to be surprised by unexpected limitations on the size of files that can be downloaded or uploaded.