Most people associate data rooms with the due diligence process which occurs during a merger or an acquisition. Both sides are able to view confidential information in a secure environment, which enables companies to make better decisions on the basis of accurate and clear data. However a virtual data room can be utilized by different kinds of businesses to improve workflows and share sensitive files safely with external and internal parties.
A good virtual data room (VDR) provides a simple, intuitive configuration that can be utilized by the CFO or the entry-level accountant as well. The VDR should also have many options for deployment, and one sign-on option for all projects. It should also include an easy-to-use scroll-through viewer that lets users navigate through thousands of files. A virtual data room must also have a complete audit log so that all user activities can be recorded and tracked.
VDRs that have redaction tools are able to reliably and selectively remove information from documents in an efficient way. This is an especially useful feature for legal markets where confidentiality and compliance are paramount. Additionally, a quality VDR will allow users to keep track of their activities and monitor them through an informative dashboard of insights.
The most reliable online data rooms offer high levels of security and functionality at an affordable cost. You should look at the costs of different online data rooms to find one that fits your budget and business needs. Some charge per-storage and per page fees, while others charge a monthly flat fee.