Most people associate data rooms with the due diligence process that occurs during a merger or acquisition. Both parties can view confidential information in a secure environment, which allows companies to make better decisions on the basis of accurate and clear information. However a virtual data room is a tool used by different kinds of businesses to streamline processes and share sensitive documents securely with external and internal parties.
A reputable virtual dataroom (VDR) is an easy and user-friendly configuration that is accessible to both the CFO and the accountant with a basic education. The VDR should also have an array of deployment options, as well as one sign-on for all projects. It should also include a scroll-through view that allows users to navigate easily between thousands files. It is also important that a virtual data room provides a comprehensive audit trail so that user’s actions are tracked and documented.
VDRs equipped with redaction tools can safely and effectively remove information from documents. This is a particularly useful feature for legal markets where compliance and confidentiality are of paramount importance. A good VDR lets users monitor activity via informative insight dashboards.
The best online data room is one that offers high level of functionality and important site security at a low cost. It is recommended to evaluate the costs of the various data rooms in order to choose one that is best suited to your budget and business needs. Some offer per-storage or per-page rates, whereas others charge a flat monthly fee.