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Recently more and more companies have begun to use virtual data rooms (VDRs) as their numerous benefits become evident. But with so many virtual data room providers in the market, companies get confused about which one to choose.
Of course, the virtual data room you choose will be based on your business goals and needs, whether that’s enhancing security, improving compliance, or increasing investor engagement. In any case, there are a few features that every VDR must have.
Here are some important features you should look out for.
#1. Security and Encryption
Security is arguably the most important factor to determine before picking a virtual data room to operate in. VDRs are often used by companies to store sensitive files and information, so it’s only natural that they have several security procedures in place to safe-keep your important information.
Modern virtual data rooms, like Firmex, have file permissions you can set so the information doesn’t get into the wrong hands and prevents internal information leaks from the team members. Visit Firmex.com to find out more.
#2. Task Management System
Usually, people need to use several apps and software while working, including management software where tasks are assigned to everyone. Being able to assign and view tasks within the data room can help everyone stay organized better.
#3. Smart Search
An advanced text search feature gives you the ability to search through all the documents, folders, and files in the virtual data room with a few specific keywords and find anything instantly.
A smart search feature also allows you to sift through multiple documents at a time and shows little previews of the document before they’re opened.
#4. Advanced Analytics
With access to analytics, you can track what users within the virtual data room are doing, how much time they spend on a document, and how many viewers are looking at a document at the same time.
There are also audit logs that keep a chronological order of everything that occurs in the virtual data room, including downloads, views, etc.
#5. Restricted Viewing
Restricted viewing makes it easier to keep your documents safe from anyone you don’t want getting access to them. It should have multiple levels of user permission so you can control who can view, edit, or download the document.
You’ll be able to choose the different levels of document protection and restrict access to whomever you want.
#6. Easy Accessibility
Since the virtual data room will be used by many people, using many different devices in various parts of the world, it needs to be easily accessible to them. The virtual data room should work on all popular operating systems like Android, IOS, Windows, etc.
It should be mobile optimized and have multi-language support so users can speak in whatever language they prefer. A good virtual data room should also not require additional downloaded plugins for specific tasks.
#7. Live Chatting
Collaboration and teamwork become especially difficult when all the members of the workforce are spread out in different countries and time zones. But a live chatting feature where members are able to send and receive texts in real-time incorporated into the virtual data room can prove to be very efficient.
It also provides them with a saved chain of communication that they can come back to at any time or use for other purposes.