The bottom line is that the use of a VDR simplifies the work of anyone — whether C-level executives working on M&A deals, HR departments responsible for keeping employee records, project managers who are responsible for various aspects of business operations or even internal employees who need to share files and data with contractors from outside — to accomplish their tasks in a secure manner and efficiently. This is especially applicable to companies whose whole existence and success is dependent on the security of their valuable intellectual property (IP) and sensitive data.
The right VDR and document management solution offers a range of features that will make the due diligence process and dealmaking process simple and efficient. They can include document indexing as well as search capabilities based upon metadata and text. There are also easy tools to design and manage documents and folders, which include auto-renumbering and infinite scrolling. Other features to look out for include a robust activity tracker and document versioning.
A well-thought-out folder structure with consistent naming conventions and access permissions all play important aspects in ensuring a seamless workflow for a new business or project. A well-designed VDR lets you assign granular permissions based upon roles and responsibilities for files and folders. The VDR will also provide statistics about who viewed and printed each document.
Finally, the top VDRs will ensure that all sensitive data is encrypted during storage and in transit. This is a must for ensuring compliance with privacy regulations and securing against any unauthorized access.
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