When a business requires outside parties to examine its data, for reasons of due diligence or collaboration it can be difficult to share sensitive information without exposing the company to a breach or committing a violation of compliancy. Virtual data rooms streamline document sharing and streamline processes so that companies can effectively complete a variety of business-related events.
Mergers and acquisitions are the most frequently used VDRs for startups, however businesses of all industries can benefit from a user-friendly and simple platform that centralizes documents instead of sending documents back and back. Virtual data rooms can help simplify the process of obtaining money from investors, or preparing for an IPO. They also allow stakeholders to find the information they require in an systematic way.
A reliable VDR should also have granular document permissions to limit access to specific documents or folders. Many providers offer comprehensive reports and logging features that track user activity, including who viewed which documents and the time they were viewed. In addition, a robust search feature and an organized file folder structure make it easy for users to navigate through the documents and find what they’re looking in a hurry.
One of the most important features is the capability for users to design custom document views based on their roles or responsibilities. By granting specific viewing rights, you can ensure that only the necessary documentation is seen and helps prevent mistakes and loss of productivity. Many providers also offer drag-and drop interfaces that make it easy to upload and organize data.