The best virtual datarooms come with features that make it simple for users to access and read documents as well as review them. Table of contents, drag and drop capabilities as well as underfolder and folder structures and search capabilities are all included. They also feature the ability to share files with granular permissions (e.g. viewing only, editing, full downloading and uploading, fence view to prevent screen prints and unauthorized access remote data wipe and much more) for enhanced security.
A VDR should also include advanced capabilities like document versioning or questions and answers to simplify due diligence. This will ensure that projects are on track and ensure they are completed. Some, such as FirmRoom go even further by offering request management that synchronizes all diligence requests and communications in one place designed for buyers and sellers.
A quality VDR will also provide an individual dashboard that shows the most recent activity and notifications so that everyone is up-to-date. It should also have features that accelerate the process by removing obstructions and ensuring continuous distribution without interruption. This includes the list of all possible participants and categorizing them according to roles or participation to make the invitation process more efficient.
The primary goal of a data room is to ensure that sensitive data doesn’t be misused by someone else. It’s important to remember that there is such a thing as too much data -in the event that you provide more information than necessary, investors may be distracted by irrelevant information, or make decisions based on unreliable or incomplete information.