Data room software is a convenient and secure method for businesses of all sizes to share documents. Due diligence is the most common use of the software during M&A deals. However, a broad range of industries use virtual data rooms for other functions, including legal services as well as clinical and pharmaceutical research mining and energy production and real estate management.
A good virtual dataroom will allow you to alter the permissions based on the user, document or folder. It should also incorporate security features such as watermarking, two factor authentication, and encryption of files. Some vendors may also provide a secure internal messaging tool which can lower the possibility of leaks of emails and enhance communication between team members.
The best VDRs will also be simple and easy to use configuration that can be utilized by anyone, from the CFO to the entry-level accountant. The UI should also be able to support different deployment options and be customizable to match the branding identity of the business.
Choose a platform that supports multiple pricing models such as per-storage or per-page. These options will allow you to understand the costs associated with using a platform, and then select a plan to suit your needs.
Be sure that the data room you select has tools for redaction that can allow you to remove sensitive information from a document without having to manually scroll through it. This feature is crucial for companies who must comply with regulatory requirements like HIPAA or ISO 27001, or raise money from investors. This feature is helpful for companies that are conducting a merger, acquisition or have to review massive amounts of documents in a short time frame.
