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12 Oct 2023

Virtual data rooms (VDRs) are online storage services that enable secure exchange of digital documents. VDRs combine the convenience of cloud storage and security features that allow users to access shared data from any device that is online at any time. VDRs allow companies to share data more easily and securely compared to physical data rooms or other methods of sharing digitally.

Modern virtual data rooms have a variety of security features for documents, which allow granular control on who can view the file, print it or save the document. It should also offer an ability to search that will locate information in various documents and files – such as PDFs – and deliver intelligent results. It should also come with the capability of processing documents to convert handwritten text, paper documents, and text saved in images into a digitally readable format. It should be able to monitor and record user activity from page to page, providing a detailed audit trail to ensure compliance as well as in case of disputes.

Because many users will be new to using the platform, it’s important that a VDR provider provides extensive onboarding and training sessions. This could include webinars, video tutorials or other interactive online sessions. A VDR should also be able to connect seamlessly with popular productivity software, like tools for managing projects, communication platforms, and document editing applications. This will allow for better navigation and more efficient collaboration. It should also feature advanced cross-platform and mobile compatibility to make it easier for users to work remotely.