When a company has to check that quickly gather and review massive amounts of information to make crucial business decisions, such as M&A deals or fundraising rounds it can be difficult to sort through tens, or even hundreds of thousands, of documents. A virtual data room (VDR) is a secure digital space for storing and sharing information that is easily accessible to all parties, can be a great solution.

It is important to determine what you want from a VDR. This will help you choose the most suitable one for your needs. It is then possible to avoid the pitfalls of features and choose the one that allows you to complete your project quickly and with the least risk.

The most important features are access to granular permissions, an evolving technology to watermark files that includes unique identifiers as well as datestamps for each one, a report on the activity of users, and the capability to receive notifications when files are modified. Other useful features include the ability to customize your workspace to reflect your company’s identity, including logos and colors schemes and invitation emails, as well as to add conditions and terms as well as watermarks, headers and footers to uploaded and downloaded files.

Find a service company that offers free trial and flexible pay-as you-go models without long-term contracts. Also look for a company who is aware of the compliance requirements that is required for certain industries and incorporates this information into their software, with features such as audit trails, version control and the ability to show that the risk warnings have been seen and read by participants.