In the legal field confidentiality is a winning recipe (literally or metaphorically, depending on the preference of KFC’s 11 herbs and spices or the beautiful legal secrets to an acquisition that is successful for a corporate). Virtual data rooms (VDRs) which are used to protect sensitive documents and due diligence, are utilized by a variety of organizations to protect privacy and confidentiality.
Unlike traditional physical storage systems, VDRs are cloud-based and offer 24/7 global accessibility. This lets multiple users access and collaborate on important documents from anywhere in world. This feature is particularly beneficial for companies that are involved in M&A diligence as it allows both parties to view information at the exact simultaneously, while maintaining the privacy and security of the information.
VDRs designed for legal use have cutting-edge security features that ensure that all client documents remain confidential. These security measures range from granular access permissions to watermarking and two-factor authentication. They also provide detailed activity logs to track every document, file, and user activity.
VDRs are created for legal reasons to increase collaboration and productivity. They come with tools such as document commenting and tasks assignments to make collaborative work easier. These platforms can be easily incorporated into programs like Microsoft Office and Slack for greater ease of use. Lawyers can now work from wherever they are. This is important because litigation often requires collaboration between people in different locations.
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