There are numerous vendors on the virtual information room market, but only the best can offer a solution that is comprehensive and can meet the complex needs of digital collaboration. Security, user convenience, and advanced tools are the most important features. Some VDR providers employ an approach that is top-down to organize documents. Users create folders according to degree of confidentiality, department, or deal stage, and then split them into easy-to navigate structure. Others adopt a bottom-up strategy that allows users to create subfolders that allow sharing of documents with the people who are most relevant to them.
A second important feature is the ability grant permissions at the document level. This allows companies to grant access only to specific files, and not to whole categories of professionals. This will make it easier to manage the process of granting access to third parties while maintaining compliance with industry standards. In addition, it is important for a VDR to have a solid search engine that can find text in various types of documents and even scan and convert documents into easily-searchable PDFs.
In the end, it is crucial for a VDR to be able to manage multiple projects at once. This is particularly important for businesses that are going through multiple rounds of capital raising or a merger and acquisition process. Multi-project management solutions can help businesses avoid the need for duplicate documents and delays in due diligence or negotiations.
It is also crucial to select the VDR with a straightforward, easy to use configuration. A complicated and confusing interface can hinder collaboration, slow down the process and possibly lead to costly errors.