Online data rooms can be a great method to store, manage and share documents. They are suitable for any project that require sharing sensitive documentation with third parties, like due diligence in M&A transactions or fundraising. The life sciences industry is a good example. It has to deal with intellectual property that requires careful handling. VDRs let you share documents online securely with clients or investors. This lets them easily find the information they require.
Select a vendor that offers high-quality security features like multi-factor authentication, and the ability to retrieve deleted files that were accidentally deleted. Look for an option called “View As”, which lets users see their access rights prior to entering their credentials. Some vendors provide a variety of deployment options so that you can deploy a data room for a specific project or for the entire user group.
A reputable online data space will have an easy, intuitive configuration that is as clear for the CFO as it is data room solution to an accountant at the entry level. It should also provide flexible deployment as well as a single sign-on system for all projects, and the capability to personalize the logo along with the terms of service, logo and general appearance and feel. Look for a firm that allows you to pay per page or by the number of users, so there’s no surprises on the bill.
A VDR that has a smart search function will help you quickly find a document within the platform. The indexing feature can be employed to organize the layout of the room. Many VDRs also have Q&A capabilities, so administrators can manage queries from counterparties.