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A virtual dataroom permits the safe and secure storage and sharing of documents across different industries. Due diligence is perhaps the most popular use case and a VDR assists both the sell-side and buy-side to organize and review the documentation of potential M&A deals.

Many law firms utilize VDRs to streamline and automate some of their document-sharing processes. Pharma and biotech companies frequently use VDRs to share intellectual property, clinical trials, and other important information with their investors.

A great VDR should be simple to navigate. So, look for one that works with the languages of your team members and has clear, easy-to-use user interface. A robust reporting and analytics system is a important aspect to think about to aid administrators in understanding how their VDR is being used and spot trends in the data. Also, ensure that the VDR provides a variety of formats for files and is compatible with your company’s other software applications. Additionally, make sure the customer service representatives of the vendor are familiar with similar procedures to yours and have the ability to answer questions quickly and clearly. Because business does not always work according to a 9-5 schedule, the top-of-the-line vendors provide 24/7 customer support. They also go further by providing multilingual support. This level of customer support is what sets the top vendors apart from their rivals. A high-quality VDR will increase the efficiency of your team, and also reduce the risk of costly mistakes and delays.

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