Online data rooms are a great way to manage, store and share documents. They are ideal for any project that requires sharing sensitive documents with third parties. For example, due diligence in M&A deals or fundraising. Intellectual property is a major concern in the life sciences industry. VDRs make it easy to share all documents with investors or clients in a secure online environment, so that they can easily locate and review the information that is important.
To ensure the security of sensitive files Make sure you choose a service that has robust security features that include multi-factor authentication as well as the option of accidental deletion redemption. Look for an option called “View As”, which allows users to view their access rights prior to logging on. Some vendors also provide various deployment options, so you can create an online data room for specific projects or for a larger set of users.
A reputable online data room should provide a simple, intuitive configuration that is as clear for the CFO as it is to an entry-level accountant. It should also have a an incredibly flexible deployment, a single sign-on for all projects and the option to personalize the logo and terms of service as well as the general design and appearance. You should choose a provider that allows you to pay by the page, or by the number users. This will eliminate any surprises.
A VDR with a smart search feature will allow you to quickly locate a file inside the platform, and indexing capabilities help the administrators organize the room’s structure. Many providers also offer Q&A functions, so that administrators can efficiently handle questions from counterparties.