Sharing sensitive documents outside your firewall is a crucial step in many projects whether you’re on a corporate M&A team or an investment banker who offers advice to clients. A VDR or virtual meeting room is an online platform that is secure and can be used to help facilitate due diligence and improve the likelihood of closing a deal. It is important to select the right one for your business. A VDR that isn’t simple to use or efficient could slow down your work and cost you money.
When selecting a VDR pick one that provides basic functions such as file management and access control for users, but also offers advanced options like redaction and fence view to stop leakage. Also, make sure it’s in line with your industry’s standards and has an easy user interface that’s easy for C-level executives and accounting staff at entry level. In addition, you should look for a provider that provides a free trial and doesn’t charge you for use after the trial expires. Beware of companies that offer free drinks and gifts since they might not be concerned with the quality of the product.
You should first determine the duration of your projects and the frequency you will need to share confidential documents with third parties. This will help you decide if you’d like to buy a VDR that is only used for one project or an annual subscription that permits multiple deals. Consider whether you require any additional services like training or consultations.
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