A data room is a secure online repository for business documents and files. They are most commonly used for due diligence purposes for the possibility of a transaction, however thanks to the growth of remote working and technical development, they are becoming used increasingly throughout the entire business cycle. From the process of fundraising and divestitures, to internal storage and file sharing.
It’s important to take some time at the planning stage to review how you will make use of a data space and which features virtual data rooms will be most beneficial to your company. This will save you from unexpected expenses and unnecessary effort, as well as ensuring the right level of functionality available to meet your specific requirements.
You will also save time and money by selecting the right data room service. Virtual data rooms are more affordable to run than physical rooms because you don’t need to pay for a secure place or for security companies to monitor it all the time. If you have many users from different time zones and locations it is advisable to choose a service that provides 24/7 support. This will ensure that your staff receives the support they require when needed.
A key feature is the ability to quickly access reports on user activity – who used which documents, when and whether they were downloaded or printed. These tools for reporting are beneficial from a management as well as security perspective as they provide a summary of the activities of users that can be used to guide the future data room design and implementation.