Despite the many differences in their work, investment bankers love the nitty-gritty details of deals that they could be involved in. They are involved in M&As and other financial transactions that involve sensitive information. To enhance the efficiency of these processes they make use of virtual datarooms that allow them to share files as well as collaborate internally and with external parties. In the past, discussions were conducted via email threads that were difficult to manage and susceptible to errors. But a VDR platform gives everyone need-to-know access to the same documents, thereby decreasing the chance of confusion and delays.
The right virtual data room is simple to set up, easy to use, and provides the appropriate level of security for every user. It is also important to look for flat-rate pricing which prevents overages during the course of a project. The top providers also provide 24/7/365 customer support, including holidays and weekends. In addition, you must be aware of the support offered in languages as well as the possibility to work with a dedicated team of employees.
A reputable VDR will have a customizable interface that lets you add colors and logos for your company. Check the platform’s compatibility with different operating systems and devices. Make sure that your VDR provider is equipped with the appropriate security certifications. It should, for example have certifications like ISO 27001, SOC1/2/3, GDPR, and HIPAA. In addition, it should have advanced features like redaction and fence view that blacks out parts of a document to protect personally-identifiable information.