A virtual dataroom (VDR) allows you to share sensitive documents for business in a safe environment. It’s used to collaborate on large-scale projects like M&A transactions or fundraising. It’s also a good fit for businesses that must archive and share regulated information such as medical records and financial statements.
Many companies are seeking an easy-to-use, reliable tool to share documents. There are many file sharing applications which can meet these requirements. However, they don’t have the same security features as VDRs. VDR. This includes features such as redaction, fence view, and customizable watermarks. This is important because it helps to ensure that personally-identifiable information stays private.
VDRs are also used to collaborate with large-scale initiatives like the construction of the new building or offering services to clients. The capability to store, share and track changes to files in a real-time environment is essential for these kinds of project-based collaborations. VDRs can be used to gather answers to an RFP, RFQ or any other request for proposals.
Typically, these collaborations will require the participants to meet in person. The travel and scheduling issues associated with this kind of collaboration often creates obstructions that can lead to delay or the scuttling of the deal. A VDR eliminates the need for meetings in person, permitting participants to work on projects wherever they have an internet connection. Certain traditional VDRs charge an amount for each user that accesses the platform, but more recent providers use pricing models dependent on volume or project size.