External parties, such as auditors, legal counsel or regulators, should be able to review documents in an efficient and easy way. This is the function offered by the virtual data room (VDR) that allows simplifying board administration with board software businesses to securely share their files remotely, without harming intellectual property or privacy.
When choosing a VDR select one that is easy to use and features a variety of customizable options. This will ensure that all users are an understanding of the program and are able to use it quickly and without any unnecessary delays in due diligence and collaboration processes. You should also look for a service provider that has internal access control, with statistics showing who has looked at or saved files, downloaded them, or printed them.
Think about how often your company will be using it, the size and type files you’ll need to keep and upload, as well as the number of concurrent users you expect. This will help narrow down the choices of providers and allow for comparison of costs.
Find a service provider that is able to integrate with other software tools, such as Slack or CRM apps to make it easier to transfer files. This will increase efficiency and avoid miscommunications, which can cost you money in M&A or during due diligence. Also, look out for at-a-glance reporting that can give C-suite executives the high-level overview they need to keep track of the progress throughout a deal.
