It isn’t easy to share sensitive data with other parties, whether it is to facilitate due diligence or collaboration, or to avoid a breach of compliance. Virtual data rooms can automate and simplify processes to assist companies in completing a variety of business events.
VDRs are typically employed for mergers and acquisitions, but any company can benefit from a simple platform that centralizes data instead of sending them back and forth through email. Virtual data rooms can help make it easier virtual data rooms to raise funds from investors, or making preparations for an IPO. They make it easier for stakeholders to find the data they require in an efficient manner.
A reliable VDR should also have the ability to restrict document permissions in a granular manner, allowing access to specific folders or documents. Many providers provide extensive logging and reporting features that track user activities, including who viewed which documents and when. In addition, a strong search feature and the logical structure of folders allow users to navigate through their data and locate what they’re looking in a hurry.
A key feature is the capability for users to create custom document views based on their job or responsibility. Achieving specific viewing permissions will ensure that only the necessary documentation is seen, which helps avoid confusion and loss of productivity. Additionally, many providers offer drag-and drop interfaces that make it simple to upload and organize data.