https://dataroomdc.com/why-do-companies-use-virtual-data-rooms/
Virtual Data Rooms Their Function
The purpose of the role of a VDR is to securely store critical and sensitive corporate documents and information and make them accessible for business transactions or regulatory inspections. This information includes confidential documents, private documents records, intellectual property, and other sensitive information. It should be accessible to authorized users, while ensuring the maximum level of security and confidentiality.
Most commonly, investment bankers use VDRs to facilitate due diligence during M&A activities. When companies merge or partner with one another or raise funds, they share a lot of confidential data that requires quick access and storage. A virtual dataroom is a great device to facilitate this process.
VDRs can also be used to audit company practices, compliance, and accounts by external auditors or internal regulators. It is important to provide auditors with a central place to review all relevant files as they operate in various times zones and locations. A virtual dataroom enables auditors to access their documentation anytime, anywhere, on any device.
When selecting when choosing a VDR, select one with an intuitive interface that works with the majority of devices. Find a VDR that doesn’t require plugins required to view documents, a scroll-view feature, and multilingual support for user interaction. To avoid the cost of overage, choose a provider who offers flat-rate billing with unlimited users and storage. Select a service that comes with an app for mobile that is robust to allow your users to remain connected even on the go.