A virtual data room (VDR) is an online repository for secure sharing of digital documents. VDRs integrate cloud storage with security to allow users to access shared data from any device on the internet, at any moment. VDRs let companies share data more easily and safely as compared to physical data room or other sharing methods.
A modern-day virtual data room offers a variety of document-specific security features that allow for a granular control of who can print, save or browse the document. It should also have a search feature that can find data in documents and files, like PDFs, and produce intelligent results. It should also include document processing capabilities that can convert handwritten or typed text, paper-based documents and text saved as images into digitally readable format. It should be able to track and record user activity from page to page and provide a complete audit trail to ensure compliance as well as in case of disputes.
Since a lot of users will be new to the platform, it’s essential that the VDR provider offers extensive user onboarding and training sessions. This could be via webinars, video tutorials or other online interactive sessions. It’s also important that a VDR allows for seamless integration with popular productivity tools like software for managing projects, communication platforms, and document editing applications. This will help improve navigation and collaboration. It should also be equipped with advanced cross-platform and mobile compatibility to make it easier for users to work remotely.