How to Choose the Best Virtual Data Review Platform
When choosing a VDR, choose one with an user-friendly interface. It should be easy to use and navigate. The more accessible a platform more accessible, the easier it is for clients to use and less likely for them to make mistakes during due diligence, which could delay the sale. Be sure to consider whether the VDR has features like drag and drop file upload, full text search and optical character recognition to speed up searches and make files accessible. Also, look for live chatting to make collaboration easier when teams aren’t in the same room.
Check if you can determine if the VDR includes features to ensure the security of files such as the capability to block specific folders so that only a select group of people have access to the files. This is especially useful when dealing with sensitive data which should be kept in a small group of people. A great VDR also has tracking features to track how often individuals in the team have access to certain documents, and the amount of time they devote to them.
Look for at-a-glance reporting that provides a high-level overview of the most important information for executives from the C-suite to use during meetings. Certain VDR providers will allow you to modify the reporting to reflect the corporate branding for an improved professional appearance. You’ll need to determine how adaptable the VDR will be across different platforms and devices. A good VDR will be compatible with all major operating systems, without the requirement for multiple plugins or complex setups.