Virtual data review is the process of sharing secure documents to external parties. This can include lawyers accountants, compliance auditors and trusted advisors. This is the norm for companies that are involved in due diligence processes. VDRs are a great method of sharing documents securely in an online environment that allows for collaboration, communication and tracking. They are a great solution for sharing business-critical information with external partners.

VDRs are typically used in M&A processes, where a lot of confidential information needs to be exchanged between the seller and virtual data review buyer. This kind of software minimizes the chance of leakage of information during negotiation by providing features such as screen-shot prevention and watermarks. Furthermore, with features such as document annotations and Q&A sections, it is possible to streamline communication and speed up the overall transaction timeline.

It is simple to track the way files are used and modified by internal and external users through the built-in analytics and reports. This can provide insight into what documents are getting the most attention and which areas more collaboration is required to accelerate a transaction.

Many modern VDR providers offer professional customer support via a variety of channels, including chat in-app or phone as well as email and multilingual assistance. Some even have dedicated teams and managers who are committed to assisting users with any issue. This level of support is a major distinguishing factor from standard cloud storage options.