When it comes to making important business decisions, no one would like to make a decision without knowing all the facts. However, in the past getting that info meant combing through many thousands of highly secret documents – a process which posed a serious security risk and could cost companies a fortune in terms of lost opportunities, nasty lawsuits, and even more.
Modern alternatives include a virtual dataroom, which is a secure location for sharing VDRs: the touchstone of integrity in modern corporate deals and storing data documents, images and documents with those who require it (such people involved in an M&A deal). They are a great tool for due diligence in an acquisition or tender process, capital raising or any major business deal, storing everything from financial reports to technical drawings to patents within an environment that is controlled.
With access permissions that are flexible and can be set on both the folder and document level unlimited users are able to use the platform without risking data integrity. A powerful search function allows users to find the information they require quickly and easily. Internal team messaging tools can cut down on the need to jump between different applications, which can increase productivity during due diligence.
In addition, redaction tools can be beneficial to protect sensitive information from falling into unintentional hands. The manual removal of content from large documents can be time-consuming and increases the possibility of missing single or multiple instances which could have a big impact on a deal outcome. Lastly, look for an organization that has a flexible subscription program that can be modified as needs change.