A virtual data room (VDR) is an online file-sharing platform that allows users to securely share documents. It offers tight security for documents as well as a huge storage capacity. It is a preferred tool for M&A, due diligence and other collaborative tasks. A VDR includes tools to help improve communication, such as an Q&A section or live discussion features. The majority of trustworthy VDRs provide multi-language support when a project involves people who speak several languages.
A VDR will require two-factor verification and come with features that aren’t included in free file sharing programs. This includes firewall protection, encryption, and the ability to restrict access by time and IP address. VDRs can also be set to use fence view, which restricts viewers’ viewing capabilities so they are able to only see only a few lines of the document at a time. This prevents an individual from observing the screen of a user and could also help in preventing unauthorized disclosure of information.
Cloud-based file sharing solutions are ideal for basic document exchange, but don’t have the capabilities needed for secure business documents. Select a VDR with a robust feature set to save the hassle of scouring through a multitude of messages and emails looking for attachments. iDeals, for example allows users to upload files in a variety of formats. It also comes with a variety of search filters. Its optical character recognition and full text search capabilities allow for easy document searches. The platform is able to support collaboration and a broad range of business workflows. It also comes with 24/7 live chat and phone support.