It’s crucial to have access permissions that are granular, whether you’re searching for an online data room or a virtual document manager software, or even a secure file sharing platform to conduct due diligence with potential business partners. These permissions can be dependent on the level of the folder and role, or even on activities in the data room. Many providers provide multi-factor authentication, as well as time and IP restricted access based on IP. Some allow bulk user invitations as well as notification emails for deleted, uploaded or for certain actions.
A central platform for sharing documents with many parties is particularly beneficial for businesses that have to do many due-diligence tasks. This is commonplace in M&A transactions as well as when seeking money from private investors. Being able view all documentation from both sides quickly and easily helps ensure that the process is carried out in the most efficient way.
The most effective virtual data rooms provide an intuitive interface and various features that help users manage their projects and business operations. Drag-and-drop functionality is one of the most sought-after features. Other options include customizable watermarking, as well as auto indexing. Other useful tools include a redaction tool that can safely remove sensitive information from documents. This will save you time and effort, and also reduce the chance of missing the potential for a costly error.