Comparing Data Room Providers
A data room is an excellent tool for streamlining core processes and transactions that depend on effective, secure document sharing. Virtual data rooms are not all created to be the same. Some have tools that are specifically designed for specific industries or types of transactions. Compare features and functionality between providers to improve your due diligence. Choose which VDRs are the most suitable for the field in which you work.
For example, some VDR software providers specialize in helping M&A due diligence participants. Others are geared toward the legal, education, banking and banking sectors. Some VDRs offer advanced features that are specifically designed to archive and facilitate collaboration in the areas of investment banking as well as structured finance, M&A. SmartRoom, for instance, is cloud-based VDR that has speedier upload speeds, SmartLock to revoke access even after downloading, built-in redaction, and DocuSign integration among other features.
When you are comparing online document management services pay close attention to how the provider handles permission settings. Some VDRs allow you to assign rights based upon each user’s role within the company or contribution to the project. This improves collaboration as well as security by ensuring that each person is only allowed access to documents that are relevant to their responsibilities.
You can also make use of audit reports in order to improve governance and monitor security. They provide detailed information about file access as well as viewing history and activity. The enhanced search capabilities are also essential, particularly when your team is working with large volumes of files. Ensure your VDR supports optical character recognition and full text search. This is done by using content structure and folders and filters to narrow results.