The best virtual datarooms come with features that make it easy for users to access documents and review them. These include a table contents, drag-and-drop capabilities, folder and subfolder structures and search functions. They also feature an extensive file sharing and viewing permissions (e.g., viewing only, editing full uploading and downloading fencing view to stop screen prints and unauthorised viewing remote data wipe and much more) for enhanced security.
Another thing to consider is whether a VDR provides advanced functionality like Q&A as well as document versioning, to simplify due diligence and ensure projects stay on track. Some, like FirmRoom take this a step further by implementing request management that synchronizes all diligence requests and communication in one place that is customized for buyers and sellers.
A good VDR can also offer an adjustable dashboard that displays recent activity as well as notifications to ensure that everyone is up-to-date. It should also have features that can speed up the process by eliminating bottlenecks and ensuring continuous distribution. This includes the complete list of potential participants and grouping them by role or participation to help make the invitation process more efficient.
The primary goal of a data room is to make sure that sensitive information doesn’t be misused by someone else. Be aware that too much information can be a hindrance. Investors can get distracted by irrelevant data or make decisions based upon incomplete or inaccurate data in the event that you provide too many.