It’s essential to have access permissions that are granular in your search for a virtual data room, a virtual document manager software, or even a secure file-sharing platform to conduct due diligence with a prospective business partner. These permissions could be based on folder level or role, or even the activities in the data room. A lot of providers offer multi-factor authentication as well as time and IP restricted access on the basis of IP. Some allow bulk user invitations as well as notification emails for deleted, uploaded or other activities.
A centralized, secure platform to share documents is particularly helpful for companies who conduct lots of due diligence with multiple third parties. This is commonplace in M&A transactions as well as when raising money from private investors. Being able view all the documents from both sides quickly and efficiently helps ensure the process is done in the most efficient way.
The best virtual data room offers an easy-to use interface and various features that aid users in managing projects and business operations. Some of the most common features include drag-and-drop functionality, a search bar for all folders and files as well as customizable watermarking and auto indexing to produce an automatically numbered list of file names and a single viewing interface. Redaction tools are another useful tool that will reliably remove sensitive information from documents. This will help you save time and effort, while also reducing the chance of omitting an opportunity that could prove costly.
