What to Look for in an Online Data Room
An online data room provides a perfect environment for document storage, management and sharing. They are perfect for any type of project that require sharing sensitive data with third parties, such as due diligence in M&A transactions or fundraising. Intellectual property is a huge issue in the life sciences sector. VDRs allow you to send documents securely online to clients or investors. This lets them quickly find the information they require.
To keep sensitive files safe, choose a vendor that has robust security features that include multi-factor authentication as well as the option of accidental deletion redemption. Look for a “View As”, which lets users view their own access rights prior entering their credentials. Some vendors offer a variety of deployment options so that you can install a data space for the specific project or the entire user group.
A good online dataroom will be simple and easy to use setup that is as easy to comprehend for CFOs as it is be for an entry-level accountant. It should also provide flexible deployment and a single sign-on to all projects and the ability to modify the logo, terms of service and general design and appearance. Look for a firm that allows you to pay by the page or by the number of users, ensuring there’s no surprise in the invoice.
A VDR equipped with a smart search feature will allow you to quickly locate a file inside the platform, and indexing capabilities aid administrators in organizing the structure of the room. Many VDR providers also provide Q&A functions, so that administrators can effectively manage questions from counterparties.