What to Look For in Data Room Solutions
The best virtual datarooms come with features that make it easy for users to access and read documents as well as review them. Table of contents drag and drop capabilities, folder and underfolder structures, as well as search functions are all included. To provide greater security, they also provide granular permissions for file sharing and viewing (e.g. view only, editing, and full uploading and downloading; fence view to prevent screen printing and unauthorized viewing remote data wiping etc.).).
A VDR should also include advanced functionality such as document versioning and Q&A to simplify due diligence. This will ensure that projects are on track and ensure they are completed. Some, like FirmRoom go further, offering request management, which integrates all communication and diligence requests in one location, and is customized both for buyers and sellers.
Furthermore, a quality VDR can be customized with a dashboard that displays recent activity and updates to keep everyone up to date. It should also feature features that speed up the process, eliminating bottlenecks, and ensuring uninterrupted distribution. This includes an inventory of all potential participants and grouping them by role or participation to help accelerate the invitation process.
The ultimate goal of any data room is to provide all of the information needed to make an informed decision, while keeping sensitive data from being in the wrong hands. It’s important to remember that there is such a thing as too much information- if you provide more information than necessary, investors may be distracted by irrelevant data or make decisions on incomplete or unreliable information.
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