A data room is an excellent tool for streamlining core processes and transactions that depend on secure, effective document sharing. Virtual data rooms aren’t all made equal. Some have specific tools designed to specific industries or types of transactions. To maximize your due diligence process, compare the capabilities and features of different providers and determine which VDRs meet the needs of the field you’re working in.
Some VDR software vendors are, for instance, specialized in helping M&A due-diligence parties. Others are geared towards the legal, education banking and banking industries. Certain VDRs are designed to help archive and facilitate collaboration in the areas of investment banking and structured finance.
When you are comparing the various online document management options pay close attention to how the provider handles permissions. Certain VDRs allow you to assign rights based on the user’s position within the company or contribution to the project. This improves security and collaboration, since the parties will only be able access the documents that are relevant to them.
You can also make use of audit reports in order to improve management and to monitor security. They provide complete details on access to files the history of viewing and activity. Search functions are crucial particularly if your organization works with large volumes. Make sure your VDR has optical character recognition (OCR) as well as full text searching with folders and structure, and filters to narrow down results for searches.