Online data rooms are an excellent way to manage, store and share documents. They are suitable for any type of project which require sharing sensitive information with third parties, for instance, 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 make it simple to share all documents with investors or clients in a secure online environment, so they are able to easily locate and scrutinize the relevant information.
Choose a vendor who offers robust security features such as multi-factor authentication and the ability to retrieve accidentally deleted files. Look for a “View As”, which allows users to see their access rights prior to entering their credentials. Some vendors also offer various options for deployment, meaning you can set up a virtual data room to specific projects or for a large ai due diligence range of users.
A reputable online data space will have an easy, intuitive configuration that’s as clear to the CFO as it is to an accountant in the beginning. It should also allow for the flexibility to deploy with a single sign-on option for all projects, and the capability to alter the logo as well as the terms of service and general data room look and feel. You should choose a provider that allows you to pay per page or by the number users. This will avoid any surprises.
A VDR equipped with a sophisticated search function can help you quickly locate documents within the platform. Indexing features can also be utilized to organize the structure of the room. Many VDRs also have Q&A capabilities, which means administrators can efficiently manage questions from their counterparts.
