For businesses of all sizes Data room software for business provides an efficient and secure method to share documents. The most commonly used use case is for due diligence during M&A transactions. However, a variety of industries utilize virtual data rooms to serve other reasons, including legal services, pharmaceutical and clinical research mining and energy production, and real estate management.
A good virtual dataroom should let you customize the permissions depending on the user, the document or the folder. It should also include security features like watermarking, two-factor authentication and file encryption. Some vendors provide an encrypted messaging tool that will improve communication and reduce the possibility of email leaks.
The most effective VDRs also have an a simple and intuitive configuration that anyone can use starting from the CFO to the entry level accountant. In addition, the UI should be able to support a variety of deployment options and allow customization to match the company’s brand image.
Choose a platform that supports various pricing models like per-storage or per-page. These options should provide you with an understanding of the cost of using the platform and allow you to select the one that best suits your requirements.
Be sure that the data room you choose comes with redaction tools that allows you to eliminate sensitive information from the document without having manually scroll through it. This feature is crucial for companies who must comply with the regulations like HIPAA or ISO 27001, or raise money from investors. It can also be beneficial for companies who are planning an acquisition or merger and have to go through large quantities of documents in very short periods of time.