VDR software allows companies to share confidential documents with external parties, for example, prospective clients or investors. This is especially beneficial for the legal sector where many procedures require the sharing of sensitive documents. Virtual data rooms are beneficial for due diligence, mergers and acquisitions, fundraising, or IPOs. They streamline the process and make sure that important information is not exposed to unauthorized third parties.

In addition, the ability to integrate the platform with other business applications makes it easier for parties to work on projects together. As an example the integration with Asana lets users connect tasks in Asana to relevant documents on VDR. This helps project managers as well as teams stay on top of the progress of their projects, as well as their responsibilities.

Look for a platform that offers features that will meet your needs. A VDR must be secured with anti-virus and malware scanning, multifactor authentication, and advanced encryption. It should also have an audit log, which records all document and user activities, and the ability to drill into these details. Examine if a VDR partner has certifications from third parties like SOC to ensure that the platform is up to industry-leading standards.

A simple, user-friendly interface is a further important aspect. It should be accessible to both the CFO as well as the entry-level accountant. Pick a vendor that puts a premium on this and has a simple setup and extensive deployment options. Check if your VDR can be customized with your logo, terms and conditions, and general layout.