The best virtual data rooms feature features that allow users to view and access documents. They have a table of contents, drag-and-drop features, subfolder and folder structure and search functions. For enhanced security, they also provide granular permissions for file sharing and viewing (e.g. view only, editing and full downloading and uploading as well as fence view to protect against screen printing and unauthorized viewing remote data wiping, etc.).).
A VDR should also offer advanced features like Q&A or document versioning to streamline due diligence. This will aid in keeping projects on track and ensure they are completed. Some, like FirmRoom, take this even further by implementing request management that synchronizes all diligence requests and communications into one central location that is customized for buyers and sellers.
A reliable VDR will also have a customizable dashboard which shows recent activity as well as notifications to ensure that everyone is kept up to date. It should also include features that speed up the process by removing obstacles and ensuring distribution without interruption. This includes a complete list of all participants and grouping them by roles or participation to speed up the invitation process.
The goal of a data room is to make sure that sensitive data doesn’t end up in the wrong hands. It is important to keep in mind that there’s a thing as too much data — if you provide more information than required, investors could be distracted by irrelevant information or make decisions based on unreliable or incomplete data.
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