The best virtual datarooms feature features that make it simple for users to access and read documents as well as review them. These include a table of contents, drag-and-drop features, subfolder and folder structure and search functionality. To provide greater security, they also offer specific permissions for sharing files and viewing (e.g. view only, editing and full downloading and uploading; fence view to prevent screen printing and unauthorised viewing; remote data wiping, etc.).).
A discover this VDR should also include advanced functionality such as document versioning or questions and answers to speed up due diligence. This will assist in keeping projects on track and ensure that they are completed. Some, like FirmRoom go even further, offering request management, which allows you to synchronize all communication and diligence requests all in one place, and can be customized for both sellers and buyers.
A reputable VDR can also offer a customizable dashboard which shows the most recent activity and notifications so that everyone is up-to-date. It should also include features that accelerate the process by eliminating 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 the data needed to make the right decision while keeping sensitive information from getting into the wrong hands. Be aware that sharing too much information can be a problem. Investors could be distracted by irrelevant information or make decisions based on insufficient or inaccurate information if you share too many.
