When a company requires outside parties to examine its data, be it for due diligence or collaboration it can be a challenge to share sensitive data without risking a breach or committing a violation of compliancy. Virtual data rooms simplify document sharing and streamline processes so that companies can successfully complete a variety of business-related events.
Mergers and acquisitions are among the most frequent use of VDRs for startups, but businesses in any industry can benefit from a user-friendly, simple platform which centralizes documents instead sending files back and back and forth. Whether you’re looking to raise funds from investors or prepare for an IPO, a virtual data room can help streamline the process and help all stakeholders find the information they require in an organized way that cuts down on confusion in communication.
A reliable VDR can also let you restrict access to specific documents or folders. Many providers provide extensive logging and reporting features which track user activity including who viewed which documents and when. In addition, a powerful search feature and the logical structure of folders make it easy for users to navigate through their information and find what they’re looking to find quickly.
Another key feature is the capability to create custom document views for users based on their role and responsibilities. By granting specific viewing rights you can ensure that only a knockout post relevant documents are seen to avoid miscommunications and lose productivity. Many providers also provide an interface that allows drag and drop that makes it easy to upload files.