Online data rooms are an excellent option to store, manage and share documents. They are ideal for all kinds of projects that require sharing sensitive documentation with third parties, like due diligence in M&A transactions or fundraising. The life sciences sector is a good example. It handles intellectual property that requires careful handling. VDRs make it simple to share all documents with investors or clients in a secure online space, so that they can easily locate and scrutinize the information that is important.
Select a vendor that offers strong security features, such as multi-factor authentication as well as the possibility of recovering accidentally deleted files. Look for the option to “View As”, which lets users view their access rights prior to login. Some vendors also offer different options for deployment, meaning you can create an online data room for specific projects or for a large group of users.
A great online dataroom will have a simple, intuitive configuration that is as easy to understand for CFOs as it is be for an entry-level accountant. It should also have a an incredibly flexible deployment, a single sign-on for all projects and the option to customize the logo and terms of service as well as the general appearance and feel. You should look for a company that lets you pay per page, or by the number users. This will help avoid any unexpected costs.
A VDR with a smart search feature will let you quickly locate a file within the platform, and indexing features help administrators organize the structure of the room. Many VDR providers also provide Q&A capabilities, so administrators can effectively manage questions from their counterparts.
