Choosing a Virtual Document Repository (VDR)
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It doesn’t matter if you’re an investment banker providing advice to clients or a corporate M&A department sharing sensitive documents beyond your firewall is an essential step in a variety of projects. A VDR is an encrypted virtual meeting space that can assist in the due diligence process, and improve your chances of closing the deal. It is crucial to pick the best one for your business. A VDR that isn’t easy to use or efficient can hinder your work and cost you money.
When selecting a VDR make sure you choose one that has basic features like user access and file management control but also offers advanced options like redaction or fence view to stop leakage. It must also be in compliance with the standards of your industry, and offer a an easy and intuitive interface that is accessible to executives in the C-level as well as entry-level accountants. Also, you should select a vendor that offers a free trial and doesn’t charge you for use when the trial period ends. It’s also important not to choose companies that offer drinks and gifts as they might be less concerned about the quality of their products.
You must first determine the length of your projects as well as how often you will be required to share confidential information with third parties. This will determine if you want to purchase a VDR that can only be used for a single project or a subscription that can be used for multiple deals. It is also important to consider whether you require any additional services, like consultations or training.