VDR and Document Management Solutions
The final point is that a VDR can be used by anyone -for example, C-level executives working on M&A deals HR departments that are responsible for keeping records of employees, project managers who are responsible for various aspects of a business’s operation or internal employees who require to share data and files with outside contractors to do their work securely and efficiently. This is particularly applicable to companies whose whole existence and success is dependent on the protection of their valuable intellectual property (IP) and sensitive data.
The right VDR solution and document management software can provide an effective combination of features that make the due diligence process and dealmaking process efficient and effortless. This includes document indexing, search features that are based on metadata and text, and simple tools for creating and managing documents and folders, including auto-renumbering and infinite scrolling as well as favorites. Other features to look for include an effective activity tracker and document versioning.
A well-thought-out and organized folder structure with consistent naming conventions and access rights play key factors in ensuring smooth flow of a project or business deal. A great VDR will allow you to establish granular permissions on documents and folders according to role and responsibilities. Additionally, the VDR will provide figures on who has viewed or downloaded the document.
The best VDRs will ensure that all sensitive data is encrypted while it is stored in storage, and while in transit. This is a must to ensure compliance with privacy laws and securing against any unauthorized access.