What to Look For in VDR Software
VDR software lets users share important business information and files on the internet, in a controlled manner. It can be accessed from any device that has an internet connection, removing the need for physical paperwork and cutting down on costs. It’s a great solution for M&A due diligence and other important business transactions.
Choose choose a VDR provider that is ISO/IEC 27001 certified, has SOC 1 or 2 and is HIPAA conforming. You should also pick a VDR that offers granular permissions with eight levels of document rights and physical data security. These are key elements to ensure a secure collaboration.
It is recommended to create the list and then appoint an administrator before you start your virtual data room. This will ensure all processes and documents are tracked and documented. It’s also a good idea to create a protocol for naming folders and to keep the structure of your files uniform across all projects. This can reduce the likelihood that sensitive data is access by uninvited persons.
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 track which documents are being reviewed and how long spent in the room. This allows them to tailor their responses to investors and show professionalism in their approach. A quality VDR can also enable companies to create an online meeting by clicking an icon, thereby streamlining the deal process.
