It is crucial to look at various products and vendors when purchasing a virtual dataroom system. Start by looking at the company’s site and internal reviews. Next, look for third-party review sites such as TrustRadius G2 Crowd and Capterra. These websites provide authentic and honest feedback from users. However, some reviews may have been paid for by the vendor.
Many investment banks employ VDRs to simplify processes like capital raising, IPOs, and M&A. These processes require a lot of information sharing and efficient collaboration, which is what the VDR is best suited to. In addition to facilitating the exchange of large-scale documents, the best VDRs also provide a unified view of all files to facilitate simple and efficient project management.
A good online VDR will have granular permissions which allow administrators to limit document actions like viewing and printing. It will also feature an easy-to-use interface, as well as the drag-and-drop feature that lets users upload multiple documents in just one click. Certain systems provide two-factor authentication, time and IP restrictions and access restrictions.
Most reliable vendors provide customer service that can assist new users with setting up permission levels and arranging the structure of content. They should also offer search functions that include optical character recognition and filters for data type, status, and watching activity. Some data rooms include AI functions such as auto-indexing, full-text searches, and other AI-based functions that can reduce the workload and improve accuracy. This is particularly advantageous for M&A due diligence, M&A, and contract review.