If you’re searching for an online repository to store and share sensitive information or a smart VDR to improve collaboration in due diligence processes, locating the most appropriate VDR provider is dependent on your specific needs. The number of participants, the length of the project and type of information will determine which features are required. Consider whether the users are from the internal or external and whether they are technical or not. Ideally, your chosen VDR should be scalable and have both general and industry specific functionalities for general use.
Select the VDR with tracking of user activity and reporting capabilities to ensure security, visibility and compliance. Search for tools that allow you to monitor and review uploads, downloads and user activity in real-time. Audit logs and drill-downs transform data into digestible insights which make it easier to improve due diligence processes. Also, search functionality must be robust with optical character recognition (OCR) for images and PDFs and filters that allow you to narrow down files by file type and status or viewing activity. Finally, customer support must be available 24/7 to assist new users set access levels and navigate data structures.
