Data room software is a convenient and secure method for companies of all sizes to share documents. The most popular application is for due diligence in M&A transactions. However, a broad range of industries make use of virtual data rooms for other reasons, including legal services, clinical and pharmaceutical research, mining and energy production and real estate management.
A reliable virtual dataroom will allow you to customize the permissions depending on the user, document or folder. It should also offer security features like watermarking, two-factor authentication and encryption of files. Some vendors provide an encrypted messaging tool that will enhance communication and decrease the risk of email leaks.
The most effective VDRs will have a simple and intuitive configuration that can be see it here utilized by anyone from the CFO to the entry-level accountant. Additionally, the UI should be able to support a variety of deployment options and allow for customization to match the brand’s identity.
Search for a solution with multiple pricing options, like per-storage or per-page. These options should provide you with more information about the cost of using the platform and allow you to select the right plan to meet your needs.
Make sure that the data storage facility you select includes tools for redaction, which will enable 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 the regulations like HIPAA or ISO 27001, or raise money from investors. It can also be helpful for companies that are conducting a merger or acquisition and must review large quantities of documents in an extremely short time.
