The choice of the right software for your data room business depends on how important it is to guarantee security, privacy and compliance during due diligence, M&A and other projects that require document review. The ideal VDR service allows you to combine all of the important tools and workflows into one platform to facilitate collaboration.

The best VDR software should be intuitive and easy to use, so that users are able to quickly learn to use it. The platform should also allow multi-device access and a user-friendly interface, so that teams can work on their projects regardless of location or device.

Some top vendors offer comprehensive monitoring of activity and reports. The ability to track every document view, print, and download will help protect sensitive information and ensure compliance with regulations. Some vendors also offer alerts for specific actions or events within the data room.

Labels can be used to organize and index files. The labels become searchable items and allow quick search. Furthermore, some providers provide the capability to remove documents. This feature lets you remove text fragments from docx, PDF, GIF, and jpg files to protect sensitive business information and personally identifiable data.

Some data rooms come with a Q&A module that provides a secure environment for communication, collaboration and discussion. Questions are submitted anonymously and the PII of the people who submit them is not made public. Only those who have been assigned to the questions are able to see the answers.

Document lifecycle workflows