Virtual data rooms (VDRs) are secure online spaces that allow businesses to share and work on sensitive files together. They provide a simple, central location for storing and managing files.
VDRs are essential for businesses that need to share sensitive documents securely. They’re better than email and traditional file sharing services. You’ll never send another attachment with a VDR.
VDRs are more secure and convenient. They provide greater control over who can access files, and they make it simple to track and manage document changes—as well as improve collaboration.
4 key features of a virtual data room
Cutting-edge VDRs enhance secure document sharing and collaboration with some essential features. Here are a few key capabilities of VDRs, which are available in DocSend data rooms.
1. Secure sharing
VDRs use robust encryption to safeguard your data. DocSend VDRs take security a step further by allowing you to approve or deny certain actions such as viewing, editing, or sharing, to ensure that only authorized users can do so.
The secure sharing features in DocSend also maintain a detailed history of document changes automatically, allowing you to revert to previous versions if necessary. This gives you a world-class level of security when working with both external and internal parties.
2. User permissions and access controls
VDRs let you set up granular user permissions, enabling you to customize who can view, edit, download, or share documents within the platform. This makes it simple to set permissions based on roles or responsibilities—especially in large organizations with many stakeholders.
You can assign different access levels to specific users or groups, such as finance or marketing teams, so only the right people can see files. DocSend permissions go beyond that, with expiring links that offer even more convenience and security.
Another layer of security available in DocSend is dynamic watermarking, which embeds unique identifiers into documents to protect information even further.
3. File and document analytics
VDRs have analytics features that track user engagement with documents and other files. This gives you valuable insights into how files are used, including when they are viewed, downloaded, edited, or shared—all available at a glance.
Analytics can help you gauge the progress of deals or transactions and make more informed decisions, send follow-ups, or just get a quick view of where you’re at. DocSend VDRs also have real-time notifications, allowing you to stay on top of busy periods of activity.
4. eSignatures
VDRs streamline the signing process by integrating eSignatures. No printing, scanning, or mailing documents, saving you time and hassle—and letting you get a deal done faster. This makes VDRs crucial for big business, fundraising, due diligence, or any sensitive transaction.
DocSend’s eSignature features allow you to add legally binding signatures to documents in a few clicks, which helps to accelerate compliance processes and ensures the confidentiality of information in fields like healthcare or law—where failing to meet standards has big penalties.
Types of VDRs and use-case examples
VDRs are useful in almost any setting where people work on files and documents as a team. They’re present in a wide range of industries and help in many situations.
Here are some examples of VDRs in action and making an impact in different sectors:
- Fundraising: VDRs provide a secure platform for sharing financial statements, investor presentations, and other sensitive documents with potential investors.
- Board communications: VDRs centralize board meeting materials, minutes, and files, allowing for efficient collaboration and more informed decision-making.
- M&A: VDRs streamline due diligence processes in M&A by providing a secure space for sharing and reviewing large volumes of documents.
- Compliance/reporting: VDRs enable secure and compliant sharing, so you can easily meet industry-specific regulations and standards.
DocSend caters to a wide range of customers, which include businesses of all sizes and across various industries. Make sure you check out our customer stories to find out more.
How much does a virtual data room cost?
The cost of a VDR setup and implementation can vary depending on a few factors:
- Plan fees: VDR pricing usually depends on the number of users or the amount of storage required, so bigger companies with more data will have larger fees.
- Training: Training sessions may be necessary to ensure employees can use the VDR. DocSend can save costs in this area, as there is a gentle learning curve thanks to its intuitive interface.
- Implementation costs: Additional costs may arise from customization, API integration, or other setup requirements—this varies between organizations.
- Support and maintenance: Ongoing support and maintenance services or technical support may incur additional charges. Several DocSend plans build this into the monthly fees.
To keep costs manageable, consider a VDR with flexible pricing and scalable plans so you can adapt to business growth, and that offer user-friendly platforms and training resources.
DocSend offers a range of flexible pricing plans to suit businesses of all sizes.
Do you need a VDR?
When considering whether a VDR is the right fit for your organization, there are a few considerations to take into account:
- Security needs: VDRs are ideal for businesses that prioritize data security and confidentiality. If you need a data fortress, they’re almost unbreachable.
- Volume of documents: VDRs are well-suited for managing large volumes of documents and files, so you can effortlessly handle or organize what would otherwise become chaos.
- Compliance requirements: VDRs cater to industries with strict compliance regulations. They’ll let you stay compliant with confidence and give you greater peace of mind.
- Collaboration: VDRs promote collaboration with external stakeholders. If you want to collaborate easily, anywhere, anytime, they’re essential.
If you’re not sure, DocSend offers a free trial—so you can experience the benefits of our VDR firsthand and decide if it meets your needs. Get in touch to try it out now.
FAQs about VDRs
Here are some answers to commonly asked questions about VDRs:
What does VDR stand for?
VDR stands for virtual data room.
What is another term for a VDR?
People also call a VDR a virtual deal room, data room, or a secure document sharing platform.
Why is a VDR important?
VDRs are important because they provide a secure and efficient way to share sensitive documents, ensuring data protection while promoting collaboration.
How secure are VDRs?
VDRs are very secure, particularly in comparison to traditional file sharing platforms or email. They use robust security measures, such as encryption, access controls, and data logs, to safeguard your data from unauthorized access
What industries benefit the most from using VDRs?
While any organization that wants to collaborate on files and documents securely can benefit, VDRs are particularly beneficial in sectors that handle sensitive data—such as finance, legal, healthcare, real estate, government, science, technology, and many more.
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DocSend lets companies of all sizes share and collaborate. Our VDR gives you cutting-edge features, including eSignatures, analytics, and dynamic watermarking, to enhance workflows.
Experience the benefits of DocSend firsthand by signing up for a trial. Share sensitive documents and collaborate with ease by trying DocSend for free.
