Data room software is a convenient and secure way for businesses of all sizes to share documents. Due diligence is the most popular method used during M&A deals. However, a broad range of industries utilize virtual data rooms for other reasons, such as legal services pharmaceutical and clinical research mining and energy production, and real estate management.
A reliable virtual data room will offer granular permission settings that can be adjusted depending on the user, document and folder level. It should also include security features such as watermarking, two-factor authentication, and encryption of files. Some vendors may also provide a secure internal messaging tool that will lower the risk of email leaks and improve communication between team members.
The best VDRs also have an intuitive and simple configuration that anyone can use from the CFO to the entry level accountant. In addition, the UI should support various deployment options and allow for personalization to match the brand’s identity.
Look for a service that offers different pricing models, such as per-storage or per-page. These options should give you a better understanding of the costs associated with using the platform and allow you to select the right plan to meet your requirements.
Be sure that the data room you choose has redaction tools, which can allow you to remove sensitive information from the document without having manually scroll through it. This feature is crucial for companies that must meet the requirements of regulatory bodies like HIPAA or ISO 27001, or raise money from investors. This feature is ideal when companies are undergoing an acquisition, merger or require the review of massive amounts of documents in a short time frame.