What to Look for in an Online Data Room
Online data rooms are an excellent method to store, manage and share documents. They are perfect for all kinds of projects that require sharing sensitive data with third parties, such as due diligence in M&A transactions or fundraising. Intellectual property is a major issue in the life sciences industry. VDRs allow you to share documents online securely with clients or investors. This allows them to quickly find the information they require.
To ensure the security of sensitive files Make sure you choose a service with robust security features, including multi-factor authentication and an option for accidental deletion redemption. Look for the option to “View As”, which allows users to see their own access rights before entering their credentials. Some vendors also provide different options for deployment, meaning you can create the virtual data room for specific projects or for a large range of users.
A great online data room should offer an easy and intuitive setup that is as easy to the CFO as it is to an accountant in the beginning. It should also allow for the flexibility of deployment, a single sign-on for all projects, and the capability to personalize the logo and terms of service as well as the general design and style. You should look for a provider that allows you to pay per page or by the number users. This will eliminate any unpleasant surprises.
A VDR that has a smart search feature allows you to quickly find a file within the platform, and indexing capabilities help the administrators organize the structure of the room. Many VDRs offer Q&A features that allow administrators to efficiently manage questions from their counterparts.