Choosing a Virtual Document Repository (VDR)

Sharing sensitive documents outside your firewall is a vital part of many projects regardless of whether you’re a company M&A team or an investment banker who advises clients. A VDR or virtual meeting room, is an online platform that is secure and can be used to assist with due diligence and improve your chances of closing an agreement. It is crucial to pick the most appropriate one for your business. A VDR that isn’t easy to use or efficient could delay your project and cost you money.

When choosing a VDR make sure you choose one that offers basic features like access control and file management for users. However, it also has advanced options like redaction or fence view to avoid leakage. It should also be compliant with the requirements of your industry, and offer a an intuitive and simple interface that is accessible to C-level executives as accounting professionals at the entry level. Also, you should select a vendor which offers a trial period for free and doesn’t charge for use after the trial period expires. It’s also important not to choose businesses that offer beverages or gifts since they are less concerned about the quality of their products.

Before you implement using a VDR, you should determine how long your projects typically last and how often you’ll need share confidential files with outside parties. This will help you decide whether to purchase a one-time VDR for each project or an annual subscription that allows for multiple deals. You should consider whether you need additional services, like training or consultations.

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