A virtual data room (VDR) is a powerful tool that can increase the efficiency of any M&A deal as well as investment due diligence processes, tendering project, and other projects requiring secure document sharing. However the success of any VDR solution is contingent on its ability to provide users with a simple user-friendly interface that allows them to navigate documents with ease.
The most effective VDRs have clear folder structures with top-quality folders like legal and marketing and financial, as well as sub-folders that allow for more specific categorization, for example invoices and tax information, contracts and brochures. The logical structure makes it easy for buyers to navigate through the entire repository without becoming lost. The VDR must also allow for the upload of new documents in a timely manner. When conducting due diligence on investments it is crucial to ensure that uploaded documents are up-to-date to ensure that all stakeholders are receiving the most recent version of the document.
The best VDR solutions also offer training sessions that help users make the most of their tools. It’s a well-known fact that 80% of software features go unused.
When selecting the best VDR make sure you choose one that provides unlimited access to users and is easily accessible on any device. Also, it’s essential that the platform supports fence view, watermarking encryption, two-factor authentication and fence view. It’s also important to have an accessible dashboard that can be accessed by any number users and managers. This will reduce time and effort as well as ensure that all stakeholders are provided with the exact and current information as they request it.