A virtual dataroom (VDR) can be a repository on the web that allows users to share confidential documents from business. VDRs unlike physical filing cabinets are secure and only authorized users are able to access them. This is useful when companies collaborate on projects and need to share documents without fear of theft or unauthorized access. Contractors working on construction agreements or service agreements, as an example, often exchange contracts and other documents that are essential to maintaining business partnerships. These documents can be accessed remotely from a VDR and easily updated by all parties to reflect the most recent changes.
Businesses can select from a range of features provided by different VDR providers, based on the project’s needs. Some providers offer advanced tools for managing documents, such as drag-and-drop, auto-indexing and automated index numbering, fence view, dynamic watermarking, and more. These tools are aimed at helping users create and maintain a tidy folder structure and a strong index of files quickly. Other features include the option to share folders and files by email or direct link or via multilingual function and a customizable interface.
The majority of VDR providers also provide additional support services in conjunction with their virtual data rooms. These include training and consultation, as well as a dedicated staff members available round the clock to answer questions. These features can reduce both the time and expense required to complete an undertaking. They can also cut down the overall transaction time of projects by as much as 3 months, thanks to automated contracts, standardization of processes and rapid communication between all parties.