What Are Virtual Data Rooms?
A salehoo virtual data room (VDR) is an extremely secure platform that companies can use to share and store confidential documentation during business processes such as M&A deals, capital raises, and audits. Due diligence is by far the most popular VDR application, but they can also be used for other tasks such as strategic reviews, tenders, and communications with boards.
The most significant feature of a VDR is its security, and it starts with encryption of all data. The majority of VDR providers provide various encryption options, including AES-256 RSA 2048 and 3DES. Most VDRs also include multi-factor verification and two-step authentication. Most VDR providers also provide live chat within the app, as well as an assistance team that can speak different languages.
Modern VDRs allow administrators to track the activities of the repository through detailed reports. This allows you to determine the most frequently viewed documents and by whom, as well as the length of time they were accessed for. This is an invaluable tool that helps to ensure that projects are on track and close deals.
VDRs are able to save you time with advanced features such as document indexing, granular permissions version control and automatic reminders. This eliminates manual work for your team, and lowers the risk of human error during complicated transactions or processes that require a lot of documents. Certain VDRs also allow you to schedule daily reports to be sent directly to your inbox, ensuring you’re up-to-date with projects even when you’re away from the office.