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What to Look For in Data Room Solutions
The best virtual data rooms include features that allow users to browse and read documents. These include a table contents, drag and drop capabilities for folders and subfolder structures and search functionality. To provide greater security, they also provide specific permissions for sharing files and viewing (e.g. view only, editing and uploading in full fencing view to block screen printing and unauthorised viewing remote data wiping, etc.).
Another consideration is whether a VDR offers advanced functionality, like Q&A and document versioning, to streamline due diligence and keep projects on in the right direction. Some, such as FirmRoom go even further by offering request management that integrates all diligence requests and communications into one central location designed for buyers and sellers.
Finally, a great VDR allows for a customizable dashboard that displays recent activity and notifications to keep everyone informed. It should also come with features that can speed up the process, eliminating bottlenecks and ensuring a continuous distribution. This includes the list of all possible participants and grouping them by the role or participation to speed up the invitation process.
The ultimate goal of any data room is to provide all of the data needed to make an agreement while keeping confidential data from being in the hands of insecure individuals. Be aware that sharing too much data can be a hindrance. Investors can get distracted by irrelevant information or make decisions based on insufficient or inaccurate information in the event that you provide too much.
