A virtual dataroom (VDR) can be a web-based repository to share confidential documents from business. Unlike physical filing cabinets, VDRs are safe and can only be accessed by authorized users. This is advantageous for businesses that collaborate on projects with many parties and require sharing of files without worry about theft or access by someone else. Contractors working on construction agreements or service agreements, for example frequently exchange contracts and other documents that are vital to the continuation of business partnerships. These documents can be accessed via a VDR remotely and can easily be updated by all parties to reflect most recent changes.
Based on the needs of a particular project, businesses can choose from a variety of features offered by a variety of VDR providers. Some providers offer advanced document management tools, like drag-and-drop, auto-indexing and automated index numbering fence view, dynamic watermarking, and more. These features are designed to helping users create and maintain a clear folder structure with a robust index of files quickly. Other features include the ability to share folders and documents via email or direct link as well as a multilingual feature and a customizable interface.
Moreover, most VDR providers offer additional support services bundled with their virtual data room. These functions include training, consulting and a dedicated team of support personnel who are available anytime to assist with questions. These functions can cut down the amount of time and money required to complete the project. They can also reduce the overall time for transactions by up to three months due to the automation of contracts, process standardization and quick communication between all parties.