What to Look for in an Online Data Room

Online data rooms are a great option to store, manage and share documents. They are great for any project that requires sharing sensitive documents with third parties. For example due diligence in M&A deals or fundraising. Intellectual property is a huge issue in the life sciences industry. VDRs enable you to share documents online securely with clients or investors. This allows them to quickly find the information they need.

Choose a company that provides robust security features such as multi-factor authentication, as well as the option to recover deleted files that were accidentally deleted. Also, look for an “View As” tool that lets users know what their access rights will be before they actually log on. Some vendors offer a variety of deployment options to install a data space for the specific project or the entire user group.

A great online dataroom will be simple and easy to use design that is as easy to comprehend for a CFO as it would be for an entry-level accountant. It should have a flexible deployment, single sign-on across all projects, as well as the ability for users to customize the data room’s logo as well as the terms of service and overall design and style. You should search for a company that lets you pay by the page, or by the number users. This will help avoid any surprises.

A VDR with a smart-search feature allows you to quickly locate files within the platform, and the indexing features help administrators organize the structure of the room. Many VDR providers also provide Q&A features, which means that administrators can efficiently manage questions from their counterparts.

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