The best virtual datarooms feature features that make it simple for users to access documents and review them. Table of contents drag and drop features as well as underfolder and folder structures and search capabilities, are all included. They also offer granular file sharing and viewing permissions (e.g., editing only, view only full downloading and uploading as well as fence view to protect screen prints and unauthorised viewing, remote data wipe, and more) for increased security.
A VDR should also provide advanced functionality such as Q&A or document versioning to speed up due diligence. This will assist in keeping projects on track and ensure they are completed. Some, like FirmRoom go even further by offering request management that synchronizes all diligence requests and communications in one location that is customized for buyers and sellers.
Finally, a great VDR allows for a customizable dashboard that displays the most recent activities and alerts to keep everyone updated. It should also have features that help accelerate the process by removing obstacles and ensuring distribution without interruption. This includes the list of all possible participants and categorizing them according to role or participation to help speed up the invitation process.
In the end, the purpose of any data room is to provide all of the information needed to reach an informed decision, while keeping sensitive data out of the wrong hands. Be aware that too much information can cause problems. Investors may become distracted by irrelevant data or make decisions based on insufficient or unreliable information in the event that you share too many details.
