What to Look for in an Online Data Room

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An online data room is an an excellent environment for document storage as well as management and sharing. They are ideal for any project that requires sharing sensitive documents with third-party parties. For example, due diligence in M&A deals or fundraising. Intellectual property is a significant concern in the life sciences sector. VDRs allow you to share all documents with clients or investors in a secure online space, so they can easily find and read the relevant information.

To protect 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 lets users view their own access rights before connecting to. Some vendors also offer a range of deployment options, so you can establish a virtual data room for specific projects or for a large group 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 at the entry level. It should also allow for the flexibility of deployment as well as a single sign-on system for all projects, and the capability to customize the logo, terms of service and general look and feel. Choose a company that lets you pay by the page or by the number of users, so there’s no surprises on the invoice.

A VDR that comes with a smart search function will allow you to quickly locate documents within the platform. Indexing features can also be used to arrange the structure of the room. Many VDRs also have Q&A capabilities, which means administrators can manage queries from counterparties.

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