Most people are familiar with data rooms as a due diligence process of a merger or purchase (M&A) in which both parties review business-critical documents. Data rooms are being used for a variety of purposes beyond M&As. They also assist with fundraising, equity deals and restructuring of companies.
There are numerous types of software solutions for data rooms, and it is crucial to choose the virtual data room service one that best suits your business. It should be simple to use and accessible from any place with secure logins and encryption technology. Tools to detect illegal access or downloads are also crucial.
Another important feature is the ability to create an organization structure that is compatible with the requirements of your project or due diligence and easily assign tasks for reading and uploading to team members within the organization, advisers or third parties. Granular access permissions that can be customised at level of the document and folder are also good. And, when it comes to the Q&A discussion portion of any potential deal, look for solutions that include an intuitive and efficient editor that is wiki-like and makes it easy to add notes that are only viewable by you (and not the other party).
The most reliable online data room offers a suite reports that give administrators a comprehensive view of the activities of users. This includes the type of documents were seen, as well as whether they had been printed or downloaded. They should also permit users to export data in encrypted format for future use in the event of a need. Look for a provider who offers 24 hour technical and account management assistance.