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A virtual dataroom permits the safe and secure storage and sharing of documents across many industries. Due diligence is probably the most popular use case and a VDR assists both sides to organize and review documentation of potential M&A deals.
Many law firms make use of VDRs to automate and streamline some of their document-sharing processes. Pharmaceutical and biotech companies also make use of VDRs to share intellectual property, clinical trial data as well as other important information with their investors.
A great VDR should be easy to navigate, so search for one that can support the languages of your team members and offers an easy, user-friendly interface. A robust reporting and analytics system is another important thing to consider because it will aid administrators in understanding the way their VDR is being used and detect trends in the data. Make sure the VDR is compatible with other software applications in your company and provides various file formats. Lastly, ensure that the customer support representatives from the vendor are familiar with similar processes to yours, and can answer questions clearly and quickly. Because business does not always work on a 9 to 5 schedule, the best-in-class vendors provide 24/7 support. They also go over and beyond by providing multilingual support. This level of service is what differentiates the top-of-the-line vendors from their competitors. In the end, having a high-quality VDR can increase the efficiency of your team and decrease the chance of costly errors and delays.