When most people think of a virtual data room (VDR), they picture M&A deals, but VDRs are used by any business looking to securely share documents. All kinds of businesses from IT to pharmaceutical can benefit from a virtual data space.
For example when your tech company is raising money by pitching, having a well-organized pitch deck as well as detailed financial projections can speed up the process. Investors are able to do their due diligence, and review your projected runway and costs in a secure environment. Permissions are controlled at the document and folder levels.
While granted access rights are vital for any VDR however, you must also to be able monitor and document the activity of your data room. This feature allows you to track the downloads of documents and to see what each user did with your documents.
The best VDRs come with tools which make it easier for teams to collaborate — document annotation, Q&A sections and the ability to assign tasks are all frequently found in modern software. This can simplify the collaboration process, and enhance the overall flow of deal transactions.
A good VDR allows you to create a simple and clear folder structure that is easy to navigate by all users. This is possible through a hierarchical structure, standardized document names and a master index. A simple system can keep your team in order and enable them to quickly locate the information they require when they are most needed.