Virtual data rooms (VDRs) can make the entire due diligence process easier faster, more efficient and safer. Virtual data rooms allow dealmakers and interested parties the opportunity to read through documents without having to travel for hours to a physical data room. The entire process is recorded in a full audit trail.
The life science industry, for instance, handles a large amount of intellectual property. This includes everything from clinical trials results to HIPAA compliance and licensing IP to storing patient records. Life science companies use VDRs to guard and share this valuable information with other companies.
Besides protecting confidential information, virtual data rooms also provide the users with document permissions that are granular for them. The administrator can decide if users can print, view, download, or edit files in the VDR. Additionally, he or she can create customizable watermarks to deter hackers trying to access files with dubious motives.
If you’re trying to find the most suitable VDR that will fit your needs, make sure that the top providers offer multilingual help desk representatives and 24-7 customer service. They’ll be on hand when you require them the most. When selecting the right VDR ensure that you examine performance metrics like uptime, reliability, and cost. Check if their product is compatible and intuitive with your tech stack. You can also avail the trial option to test the quality of their services and features before making a decision.