The best virtual datarooms have features that make it simple for users to access their documents and read them. Table of contents, drag and drop capabilities, folder and underfolder structures, as well as search capabilities are all included. They also have granular file sharing and viewing permissions (e.g. viewing only, editing, full downloading and uploading fencing view to stop screen prints and unauthorized viewing, remote data wipe, and more) for enhanced security.
A VDR should also have advanced capabilities like document versioning or Q&A to simplify due diligence. This will aid in keeping projects on track and ensure that they are completed. Some, like FirmRoom take this step further with request management that integrates all diligence requests and communication in one place and is customised for buyers and sellers.
A reputable VDR will also provide an adjustable dashboard that displays the most recent activity and notifications to ensure that everyone is kept up to date. It should also include features that help accelerate the process by eliminating bottlenecks and ensuring continued distribution without interruption. This includes a list of all potential participants and grouping them according to role or participation to help speed up the invitation process.
The main purpose of the data room is to ensure that sensitive information doesn’t fall into the wrong hands. It’s crucial to remember that there’s no such thing as too much informationin the event that you share more than is necessary, investors may be distracted by irrelevant information or take decisions based upon unreliable or incomplete information.