Online data rooms are an excellent way to store, manage and share documents. They are great for any project that requires sharing sensitive information with third-party parties. For example, due diligence in M&A deals or fundraising. Intellectual property is a significant issue in the life sciences. VDRs enable you to transmit documents securely online to investors or clients. This lets them quickly find the information they require.
Select a vendor that offers strong security features, such as multi-factor authentication and the option of restoring accidentally deleted files. Look for the option to “View As”, which allows users to view their own access rights prior to connecting to. Certain vendors offer a range of deployment options to allow you to install a data space for the specific project or the entire user group.
A reputable online data space will have an easy-to-use configuration that’s as clear to the CFO as it is to an entry-level accountant. It should also offer the flexibility of other deployment as well as a single sign-on system for all projects, and the capability to customize the logo as well as the terms of service and general design and appearance. You should search for a company that lets you pay per page or by the number of users. This will eliminate any unexpected costs.
A VDR with a smart search feature allows you to quickly find a file within the platform, and also indexing features help the administrators organize the room’s structure. A lot of providers offer Q&A functions to help administrators efficiently manage questions from their counterparts.