When most people think of data rooms they are probably thinking of due diligence, the process used in merger or acquisition (M&A) deal where both parties go through business-critical documentation. However, these days, data rooms are used for much more than M&As they also aid with equity and fundraising deals as well as restructuring of companies.
There are now many different types of software for managing data and it’s important to find one that meets the needs of your business. It should be simple to start and be accessible from anywhere in world using secure logins, encryption technology, and tools to detect any unauthorized access or downloads.
Another essential feature is the ability to design an organization structure that is compatible with your requirements for due diligence or project and quickly assign reading and uploading tasks for internal team members, advisers or third parties. Access rights can be adjusted at the level of folders and documents. When it comes to the Q&A stage of a possible deal, you should look for an easy and efficient editing tool that is in the wiki style, which lets you add notes that are only accessible by you (and no one else).
The best online data rooms offer an array of reports that provide administrators a comprehensive view of the activity of users. This includes the type of documents were looked at, as well being able to tell if they were printed or downloaded. They should also permit users to export their data in an encrypted format for future use, if required. In addition, search for a provider that offers continuous technical and account management support which is accessible 24 hours per day all year long.