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When a company has to quickly collect and analyze massive amounts of information in order to make important business decisions, such as M&A deals or fundraising rounds It can be a challenge to sort through tens, if not hundreds of thousands of documents. A virtual data room (VDR), a secure digital space for storing and sharing information that is accessible to all parties, can be a great solution.

While some VDRs might appear identical at first glance but it’s essential to know what you’re looking to accomplish with the VDR so that you can choose the most appropriate one for your needs. You can then avoid a tangle of features and choose the one that allows you to complete your task efficiently and with minimal risk.

The most important features include the ability to grant permissions at a granular level, a flexible technology for watermarking files, which adds unique identifiers and datestamps each one, a report on the activity of users, and the capability to be notified when files are changed. You can also customize your workspace to reflect your corporate brand, such as logos, color schemes, invitation emails and terms and conditions.

Choose a service which offers trial periods for free to help you get started and a flexible pay-as-you-go model without long-term contracts. Look for a provider who recognizes the regulatory requirements that might be required for certain industries and incorporates this knowledge into the software. Features such as audit trails and version control, and the ability to prove that users have read and understood risk warnings are all options to look for.