What to Look for in an Online Data Room
Online data rooms are an excellent method to store, manage and share documents. They are perfect for any project that requires sharing sensitive information with third party organizations. For instance, due diligence in M&A deals or fundraising. The life sciences industry is one example. It has to deal with intellectual property that requires careful handling. VDRs enable you to share all anchor documents with investors or clients in a secure online space, so they are able to easily locate and scrutinize the information that matters.
To protect sensitive files Make sure you choose a service that offers robust security features including multi-factor authentication, as well as the option of accidental deletion redemption. Also, look for a “View As” tool that lets users see the access rights they have will be before they actually log on. Some vendors also offer various options for deployment, meaning you can set up the virtual data room for specific projects or a wide collection of users.
A great online data space will have an easy, intuitive configuration that is as clear for the CFO as it is to an accountant in the beginning. It should also allow for an incredibly flexible deployment with a single sign-on option for all projects and the ability to customize the logo, terms of service and general data room look and feel. Find a company that lets you pay by the page or by the number of users, ensuring there’s no surprises on the bill.
A VDR with a smart search feature will allow you to quickly locate documents within the platform. The indexing feature can be used to organize the structure of the room. Many VDR providers provide Q&A capabilities which allow administrators to effectively deal with queries from counterparties.
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