Many industries utilize data room software to conduct due diligence collaboration with mergers and acquisitions capital raising and legal disputes, among other business needs. Certain businesses are required to share their documents due to legal reasons, while others have to comply with compliance regulations or need to store sensitive data in a secure space. In any case, they all need secure document sharing and storage solutions.
If you’re required to collaborate with your partners or colleagues, your data room must be able to provide seamless access across all platforms and devices. A reliable VDR should be compatible with all browsers and platforms. It should also have advanced search capabilities that are capable of finding exact and partial matches in documents and folders. Also, look out for features like two-factor authentication and audit logs.
You should be able to build custom groups using pre-set permissions for various needs of project and user. Certain VDRs also allow users to create special View permissions to Excel documents. The View Excel with Formulas option is one example. It allows the recipient to view only the formulas of the spreadsheet while hiding any other information. Other useful features include: dynamic security alerts, a clear and intuitive access hierarchy and easy-to-use watermarking.
It’s crucial to have a well-organized task-management system for M&A deals that allows you to assign tasks while employees are still in the dataroom. The system will also be able send reminders and status updates to keep everyone updated. In addition, you are able to include your company branding and customize your workspace using logos, colors and themes.