Virtual data review is the process of sharing secure documents with outside parties. This can include lawyers, accountants, compliance auditors, and trusted advisors. It is a typical use case for companies engaged in due diligence processes. VDRs provide a simple method to share documents safely in an online environment that allows for collaboration, communication and tracking. They are the ideal solution for sharing critical information with external partners.
VDRs are also often used in M&A processes in which a substantial amount of confidential information is exchanged between buyers and sellers of the deal. This type of software decreases the chance of leakage of information during negotiations by incorporating features like screenshot protection and watermarks. Furthermore, with features such as document annotations and Q&A sections it is possible to streamline communication and accelerate the overall transaction timeline.
It is easy to monitor the way files are used and manipulated by external and internal users through the built-in analytics and reports. This can provide insight into which documents are attracting attention and where collaboration is required to increase the speed of a sale.
Many modern VDR providers offer professional customer service through multiple channels, including in-app chat or virtual data review phone as well as email, with multilingual assistance. Some have teams of managers dedicated to assisting users. This level of support is a significant difference from other cloud storage options.