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The most important thing is that VDRs are a boon to business. VDR can be used by anyone to use it -whether it’s C-level executives working on M&A deals HR departments that are responsible for maintaining employee records, project managers in charge of different aspects of a business operation, or even internal employees who need to share data and files with outside contractors — to do their work securely and effectively. This is especially important for companies that depend on the protection of sensitive data as well as valuable intellectual property to ensure their success.
The best VDR and document management software offers a range of features that make the due diligence and deal-making process easy and efficient. These include document indexing, search capabilities based on metadata and text, as well as easy tools for managing and creating folders and documents including auto-renumbering and infinite scrolling as well as favorites. Software features to consider include an activity tracker with a versioning system and a robust document tracker.
A well-designed folder structure and consistent naming as well as access rights are crucial in ensuring that a task or deal goes smoothly. A great VDR will allow you to set granular permissions for documents and folders based on the roles and the responsibilities. Additionally, the VDR will provide information on who has looked at or downloaded the document.
In addition, the most effective VDRs will ensure that all sensitive data is encrypted while stored in storage as well as when it is in transit. This is a must to ensure compliance with privacy laws and securing against unauthorized access.