The most effective VDR service will depend on your specific usage case. If you’re looking for an online repository to store and share sensitive data or a sophisticated VDR that improves collaboration in due diligence, it all depends on what you need. The number of participants, the length of the project, and the type of data all influence which features are needed. You should also consider whether the users are external or internal, technical or non-technical. Idealy, the VDR you select should be scalable with both general-purpose and specific to industry.
Choose pick a VDR with tracking of user activity and reporting capabilities to ensure security, visibility and compliance. Choose a tool that allows you to monitor and examine file downloads, uploads, and user behavior in real time. Reports that drill-down and full audit logs transform data points into digestible information that can be used for simple and efficient due diligence procedures. Search capabilities should also be robust with optical character recognition for PDFs and images, and filters to narrow down files based on the type of file, its status, or even viewing activity. Finally, customer support must be available 24/7 to assist new users establish access levels and navigate data structures.