Data room software is a convenient and secure method for companies of all sizes to share documents. The most commonly used use case is due diligence during M&A transactions. However, a wide variety of industries make use of virtual data rooms for different functions, including legal services pharmaceutical and clinical research, mining and energy production and real estate management.
A good virtual data space can provide granular permissions settings that can be adjusted in accordance with users, documents and folder level. It should also come with security features such as watermarking, two-factor authentication and file encryption. Some vendors may also offer a secure internal messaging tool which can reduce the risk of email leaks and enhance communication between team members.
The best VDRs will also be simple and easy to use configuration that can be used by anyone from the CFO to the accountant at entry level. Additionally, the UI should allow for a variety of deployment options, and allow for customisation to match the brand’s identity.
Look for a platform with multiple pricing models like per-storage, for per-page or per-user. These options can help you understand the costs of using a platform, and then select the right plan for your requirements.
Be sure that the data room you select includes tools for redaction, which will enable you to remove sensitive information from the document without having manually scroll through it. This feature is crucial for businesses who need to meet the requirements of regulatory bodies like HIPAA or ISO 27001, or raise funds from investors. It is also beneficial for companies who are planning a merger or acquisition and need to review vast amounts of documents in the shortest amount of time.
