What to Look For in Data Room Solutions

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The best virtual data rooms come with features that make it easier for users to view and access documents. These include a table contents, drag-and-drop capabilities for folders and subfolder structures and search capabilities. For enhanced security, they also offer granular permissions for file sharing and viewing (e.g. view only, editing, and uploading in full fencing view to block screen printing and unauthorised viewing remote data wiping and so on.).

Another thing to consider is whether a VDR provides advanced functionality such as Q&A or document versioning to help streamline due diligence and keep projects on the right track. Some, like FirmRoom take this step further by implementing request management that synchronizes all diligence requests and communications in one location that is customized for buyers and sellers.

Finally, a great VDR offers a custom dashboard that displays recent activity and notifications to keep everyone informed. It should also have features that speed the process by eliminating bottlenecks, and ensuring a continuous distribution. This includes the complete list of participants, as well as a grouping based on role or involvement in order to speed up the invitations process.

The main purpose of a data room is to make sure that sensitive information doesn’t end up in the wrong hands. Remember that too much information can be a hindrance. Investors could be distracted by irrelevant information or make decisions based upon incomplete or inaccurate data in the event that you provide too many.