What Is a Virtual Data Room?

12-10-2023 | Property Development

A virtual data room (VDR) is an online storage space for the secure sharing of digital documents. VDRs offer cloud storage and security to allow users to access shared data from any device on the internet, at any moment. In the end, VDRs allow companies to share their data more quickly and securely than traditional physical data rooms or digital sharing methods.

A modern-day virtual data room includes a variety of security features specifically designed for documents that allow for a granular control of who can print, save or even view the file. It should also include an ability to search that can locate information within documents and files, including PDFs, and provide intelligent results. It should also have document processing capabilities to convert handwritten text, paper documents and documents saved in images to a digitally readable format. It should be able monitor and record the user’s activities at the page level, providing a thorough audit for compliance purposes or in the event of disputes.

It is vital that VDR providers offer an extensive onboarding and training program for users, as a lot are new to the platform. This could be accomplished via webinars, online video tutorials or other interactive training sessions. It’s also important that the VDR can be seamlessly integrated with popular productivity tools, such as project management software, communication platforms and document editing software. This will make it easier to navigate and improve collaboration. It should also feature advanced mobile and cross-platform compatibility to allow users to work remotely.



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