A vdr enables authorized users to search through, browse and interact with documents and files from an online repository. These collaboration tools can streamline the sharing of documents and decrease the time needed for stakeholders to examine information in a traditional manner. VDRs also offer granular permissions that give administrators control over who can view or print specific documents. Administrators can also revoke the access at anytime.
The special capabilities of a vdr has made it indispensable for supporting important business transactions and processes that require secure document sharing. Some examples include:
Manufacturing – Manufacturing companies can make use of a virtual document repository to streamline the sharing of development and design documentation with investors, clients, and suppliers. Manufacturing teams can become more efficient and lower the risk for errors by using a vdr which allows real-time editing rather than sending documents as attachments.
M&A — M&A due diligence requires extensive document sharing between buyers and sellers. With 24/7 access, VDRs can minimize scheduling conflicts and facilitate negotiations. Furthermore, the collaboration tools in VDRs allow teams to edit their proposals in real-time and provide feedback on proposals.
It is important to select a vdr that offers higher security features as opposed to generic software for file sharing. A vdr, for instance, should offer features such as fence view, built in redaction, granular access rights, and remote shred in order to ensure that confidential data remains secure. It is also a good idea to look up user reviews on third-party sites to gauge the security and support of a VDR.
