External parties, like legal counsel, auditors, or regulators, must be able examine documents in an efficient and simple manner. A virtual data room (VDR) provides this capability, allowing businesses to share data securely and remotely, without risking the privacy or intellectual property.

When choosing a VDR make sure you choose one that is simple to use and features a variety of customizable options. This will ensure that everyone has an understanding of the program and are able to use it quickly and without any unnecessary delays in due diligence and collaboration processes. You should also look for a vendor that enables internal control over access with statistics available to see who has viewed, saved, downloaded or printed files.

Consider how often your business will be using it in the future, the size and type of files you’ll need to reference keep and upload, and how many concurrent users you’ll need to anticipate. This will enable you to evaluate prices and narrow your list of providers.

Finally, look for an online service that can be integrated with other software tools, such as CRM apps or Slack, to eliminate the necessity of manual transfer of files. This can improve efficiency and avoid miscommunications, which can be costly during M&A or during due diligence. Find reports that provide C-suite executives with the high-level overview needed to track the progress of a deal.