A data room is a great method of streamlining processes and transactions that rely on secure document sharing. Virtual data rooms aren’t all created equal. Some offer specific tools designed to specific industries or transaction types. Check out the features and functionality of different providers to ensure you are doing your due diligence. Determine which VDRs are the most suitable for the industry in which you work.
For instance, some VDR software vendors specialize in helping M&A due diligence participants. Others focus on the banking, legal, and education sectors. Furthermore, some VDRs include advanced features that are specifically designed to archive and facilitate collaboration in investment banking as well as structured finance, M&A. SmartRoom, for instance is a cloud-based VDR that has faster upload speeds, SmartLock to revoke access even after downloading, built-in redaction, and DocuSign integration among other features.
Be aware of the way the vendors manage permissions when you compare online document management solutions. Certain VDRs allow you to assign rights based upon each user’s role within the company, or their contribution to the project. This increases collaboration and security by ensuring each party has access to only the documents that are relevant to their responsibilities.
You can also utilize audit reports to improve the governance process and track security. They provide precise details about access to files, viewing history and activity. Enhanced search functions also are essential, particularly when your team is working with large amounts of files. Make sure your VDR supports optical character recognition Full text search, using content structure and folders, and filters for narrowing search results.