It is crucial to take into consideration security and costs when looking at VDR providers. It is also important to ensure that your data is secured both in storage and transit. This will allow you to control the amount of security required for users to view sensitive documents. The ability to revoke access rights on a document-by-document basis is crucial as well, especially when dealing with confidential documents that require heightened security.

You should choose a solution with sophisticated search tools that automatically organizes uploaded files in the file store. In addition, many modern applications can read text in many file formats and convert them into searchable PDFs. This makes them a great platform for due diligence and collaboration on projects.

VDRs are a favorite among investment banks due to their ability to allow them to swiftly and securely communicate information to potential buyers, investors, or strategic partners. This will save you time and money that would have been spent on meetings and printing, and make it easier to negotiate.

A well-designed VDR can also allow you to track who has viewed a particular document and when. This is crucial for compliance and can be used to show that your company has met legal requirements. A financial service company, for example is likely to want to make sure that their VDR is configured in a FINRA compatible way. Meanwhile, an organization that provides health care must ensure that it is HIPAA ready.