Virtual data rooms (VDRs) help make the whole due diligence process much easier, faster and safer. While physical data rooms require dealmakers and other interested parties to travel for a long time to review a plethora of paperwork, using a VDR lets them do this in a few clicks. In addition the entire process can be recorded in a complete audit trail.

For example, the life science industry handles a lot of intellectual property–from clinical trial results to HIPAA compliance to licensing IP and storage of patient records. Life science companies utilize VDRs to protect and share valuable information with other companies.

Apart from protecting confidential information virtual data rooms also offer documents with specific permissions for users. Administrators can decide if users are allowed to view, edit, download or print documents within the VDR. In addition, the administrator can set up custom watermarks to discourage hackers who are trying to access files with questionable intentions.

As you search to find the best VDR to meet your business needs, remember that the top-of-the-line providers provide 24-7 customer support and multilingual help desk staff. They’ll be on hand when you need them most. Additionally, when selecting a VDR partner, make sure to look at their performance metrics, including uptime and reliability. Additionally, make sure the product you choose to use is compatible with your existing tech stack and offers a simple interface. You can also use a trial period to test the quality of their service and features prior to making a decision.