It is important to consider the various stakeholders that supporting businesses with digital storage software will need to use the platform before deciding on a data-room platform. Administrators, corporate employees, investors and other third-party users may require access to all documents, whereas others may require download or view-only capabilities. It is crucial to be able to create groups and grant access rights to allow the collaboration process to be simplified.
It’s also crucial to select a provider that provides data protection features to prevent sensitive information from falling into in the wrong hands. Watermarking and logs of access, as well as NDA signatures are all features included as standard to help protect your data. Some providers offer customisable NDA so you can tailor it to meet your specific business needs.
Another feature worth looking for is the ability to add descriptive information to each document to give information and make it easier for users to locate the files they require. Also, the control of versions is important to ensure that everyone is working using the most recent version of a document. This allows you to work faster to answer questions and close deals.
Additionally, the ability to automate and streamline due diligence and auditing tasks is a key component of many VDR solutions. Make sure you have real-time task schedulers as well as progress monitoring and reporting tools to ensure that due diligence is completed on time and efficiently. Additionally, having a Q&A tool to interact with stakeholders is an excellent way to speed up workflows and boost collaboration.