What to Look For in VDR Software

05 Sep What to Look For in VDR Software

VDR software lets users share important business data and files over the internet, in a controlled manner. It can be accessed via any device that has an internet connection, removing the need for physical paperwork and reducing overheads. It’s a great solution for M&A procedures such as due diligence and other important business transactions.

Choose the VDR provider that is ISO/IEC 27001 certified, has SOC 1 or 2 and is HIPAA certified. You should also choose one that offers granular permissions with eight levels of document rights and physical data security. These internet features are essential for ensuring a secure collaboration.

It is best to create the list and then appoint an administrator prior to launching your virtual data room. This will ensure that all processes and files are documented and monitored. In addition, it’s a good idea to establish protocols for naming folders as well as keeping the file structure consistent across projects. This will decrease the chance that sensitive information is accessed by uninvited parties.

Life science companies store R&D documents and regulatory filings in the form of a VDR. VDRs also aid in tracking the level of interest from investors, as startups can monitor which documents are being viewed and how much time is spent in the room. This allows them to customize their responses to investors, and demonstrate professionalism in their approach. A good VDR platform also allows an organization to speedily set an online meeting in just one click, streamlining the process of conducting an offer.