VDRs are used by a wide variety of industries including life science and technology companies making up the heaviest users. There are certain features that are essential for team, project and deal success, regardless of your industry.
Find a flexible system of tagging that allows you organize your files with different tags. This provides a better way to manage large folders and documents that require extensive review. Additionally, it assists with the control of versions and ensures that nobody is able to see the wrong document.
Modifying user permissions is another feature to consider. This is important for law firms that need to ensure that sensitive information is kept private with only specific people. This can be accomplished through an amalgamation of something the user is familiar with (password) as well as something that the user has (mobile phone verification code) and what the user has (biometric data).
A VDR that can provide a wide range of security features is a necessity. Some of the most important include firewalls, multi-factor authentication, and encrypted data transmission. These features can reduce the risk of cyber-attacks, allowing lawyers to focus on providing outstanding customer service.
Additionally, a VDR should offer seamless integration capabilities to support the entire process of an M&A transaction. This includes integration with existing platforms for software such as CRM, email and reporting tools. This creates a more efficient working environment, reduces risk, and increases productivity. It also supports both parties’ workflow, allowing the two parties to complete their work more quickly and easily.