Virtual data rooms are commonly used for due diligence in M&A transactions. However, they can be useful for any project that requires a firm to share sensitive information. For legal compliance, certification, gaining investments or simply sharing information with partners, the right VDR will facilitate the process without exposing a firm to any potential security breaches or compromises.
The most effective virtual data rooms provide an array of advanced features to facilitate collaboration and tracking, which can make the entire process more efficient. These include document annotating tools, Q&A sections and the ability to assign tasks. Many of the providers also provide multilingual, in-app support, which is essential for teams that are scattered across the country working on projects together.
Controlling access is an additional important feature. You can do this by granting users granular access rights on the folder and document levels. This lets them choose what files they want to see and when they want to access them. This is essential because sensitive information can be viewed on various devices, from laptops to computers to smartphones. The most secure virtual data rooms will apply security of enterprise level to all these devices.
In the end, a great virtual data space will offer an extensive set of analytics and reporting which will allow administrators to keep track of all activity in the room. This could be anything from the number of documents seen to who has made changes to the file. This ensures that sensitive data is protected even after the dataroom has been closed.
