When most people think of data rooms, they envision the due diligence process that occurs during the process of a merger or acquisition. Both sides are able to view confidential information in a safe environment, which allows companies to make better decisions based on precise and clear data. However the virtual data room can be used by many different kinds of companies to simplify processes and share sensitive data securely with internal and external parties.
A good virtual data room (VDR) provides a simple, intuitive configuration that can be utilized by the CFO and the entry-level accountant alike. Additionally to that, the VDR should offer extensive options for deployment and a single sign-on for all projects. It should also have a scroll-through view that allows users to effortlessly navigate between thousands files. A virtual data room should also provide a comprehensive audit log, so that all user actions can be tracked and documented.
VDRs equipped with redaction tools will effectively and selectively remove data from documents. This feature is especially useful for legal markets, where compliance and confidentiality are crucial. Additionally, a good VDR will allow users to keep track of and monitor activities through informative insight dashboards.
The most effective online data rooms are those that offer high levels of security and functionality at an affordable price. It is worth examining the pricing structures of a variety of online data rooms in order to determine which one is best suited to your company’s requirements and budget. Some charge per-storage or per-page fees, while others charge a monthly flat rate.