A virtual data room (VDR) is a web-based repository for sharing confidential business documents. VDRs, unlike physical filing cabinets are secure and only authorized users are able to access them. This is useful when companies collaborate on projects and require to share documents without fear of theft or unauthorised access. Contractors working on construction agreements or service agreements, like, often exchange contracts and other documents essential to ongoing business relationships. These documents are accessible remotely via a VDR and changed by all parties easily to reflect the most recent changes.
Based on the needs of the project, companies can select from a variety of features offered by various VDR providers. Some options include advanced features for managing documents like drag-and-drop, auto indexing, automated index numbering as well as fence view, dynamic watermarking and more. These features allow users to quickly create and maintain a folder structure with an extensive index of files. Other features include the ability share folders and files through email or directly via with support for multiple languages and a user interface that can be personalized.
Additionally, a majority of VDR providers offer additional support services included with their virtual data room. These functions include training and consulting, as well as a dedicated staff members available round the clock to answer questions. These capabilities can cut down the time and cost to complete the task. They can also cut down on the overall time for transactions of projects by as much as three months, thanks to automated contracts, standardization of processes and rapid communication between all parties.