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A virtual data room (VDR) is an extremely secure platform that companies utilize to store and share confidential documents in business processes, such as M&A deals, capital raises, and audits. Due diligence is one of the most popular VDR uses, but it can also be used to carry out other tasks, such as strategic reviews and board communications.

The security of a VDR begins with the encryption of all data. The majority of VDR providers offer a variety of encryption options which include AES-256 RSA 2048, and 3DES. Additionally, many VDRs have multi-factor authentication, as well as two-step verification. The majority of VDR providers also offer live chat capabilities within the app, as well as a support team who can speak multiple languages.

Modern VDRs allow administrators to keep track of the activities of the repository with detailed reports. This lets you know the documents that are viewed most and who is viewing them and how long they have been accessed for. This is a useful tool to keep your projects on the right track.

VDRs can save time by providing advanced features like document indexing, granular access permissions, versioning and automatic reminders. This reduces manual work for your team, and lowers the chance of human error when dealing with complex transactions or document-heavy processes. Additionally, some VDRs allow you to schedule reports to be delivered to your inbox daily to keep you informed about the status of your project even when you’re not in the office.