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VDRs, while commonly associated with M&A diligence but can be used in virtually any data-sharing process that requires a company to share confidential information beyond its firewall. VDRs can facilitate document sharing for a IPO or to raise funds from limited partners. They accomplish this by automating tasks and enhancing communication.
As opposed to their predecessors who required companies to send physical documents to reviewers Virtual data rooms allow users to access and view documentation on-demand. While reviewing processes are quicker and easier, it also ensures only authorized people can view confidential documents for business and eliminates the possibility of an incident of security or compliancy violation.
For instance, the VDR can provide detailed user activity tracking for all of the documents in the room, revealing who accessed what document and when. This feature can be useful when conducting security audits, because it will show only a small percentage of people viewed sensitive documents for business. It is also useful for M&A due diligence as it helps to get a better understanding of the level of interest and helps companies understand which documents are most enticing to investors and bidders.
When selecting when choosing a VDR choose one that provides customizable reports and real-time analytics to provide administrators with the behind the information they require behind the scenes. It should also offer an effortless upload experience for multiple users, and be simple to navigate across any device, including mobile devices.