Due diligence vdrs are virtual platforms that allow huge amounts of confidential information to be securely shared with outside organizations. This information is usually shared during M&A deals and bankruptcies, fundraising, and audits. Data encryption, multi-factor authentication and access control settings are the most effective solutions to ensure the integrity and safety of this sensitive information.
A robust search engine is a must-have feature for any due diligence vdr. Look for an engine that provides advanced features like the boolean method of searching and stemming (finding similar terms and phrases) and support for international character sets. These features will save you valuable time by reducing number of documents you have to read and search through.
A reliable document management system is vital for any due diligence procedure. The best vdrs offer user-friendly and customizable features for organizing files in the best way. Features like automatic indexing, numbering of folders, drag-and-drop upload and file tagging as well as labeling can make the difference when it comes to speed and efficiency.
An extensive activity list is another essential feature for any vdr used to perform due diligence. This list lists users who read or edited a specific document, and when they did so it’s easy to track the evolution of the decisions. A vdr equipped with robust activity tracking also provides detailed document management reporting and monitoring capabilities that give administrators a a clear picture of the level of engagement of users. This real-time overview of due diligence processes promotes transparency and accountability.