A virtual data room (VDR) is an online repository that allows for the secure sharing of digital documents. VDRs are cloud-based storage that is paired with security, allowing users to access shared data on any device online, at any time. VDRs allow companies to share data more easily and safely when compared to physical data rooms or other methods for sharing data digitally.
A modern-day virtual data room provides a range of security features specific to documents that provide granular control over who can print, save or even view the particular file. It should also feature an ability to search that can locate information within files and documents, including PDFs, and produce intelligent results. It should also include document processing capabilities that can convert typed or handwritten text, paper-based documents and text stored as images into a digitally understood format. It should be able to monitor and record user activities at the page level and provide a thorough audit trail for compliance purposes and for use in disputes.
Because a large portion of users will be unfamiliar with the platform, it’s crucial that the VDR provider provides a comprehensive user onboarding and training sessions. This can be accomplished through videos, webinars, online tutorials, or other interactive sessions. It’s also important that a VDR permits seamless integration with popular productivity tools such as software for managing projects, communication platforms and applications for editing documents. This will allow for better navigation and more efficient collaboration. It should also offer advanced mobile and cross-platform compatibility to allow users to work remotely.