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When a company requires outside parties to review its data, be it for due diligence or collaboration, it can be challenging to share sensitive information without exposing the company to a breach or in violation of compliance. Virtual data rooms facilitate document sharing and automate processes to allow companies to successfully complete a wide range of business functions.
Mergers and acquisitions are among the most frequent use of VDRs for startups, but businesses of all industries can benefit from a user-friendly and simple platform that consolidates documents instead of emailing files back and back. Virtual data rooms can assist you to streamline the process of raising funds from investors, or making preparations for an IPO. They can also help those involved to find the data they require in an organized manner.
A good VDR should also allow documents with granular permissions, which limit access to certain folders or documents. Many providers offer comprehensive reports and logging features that track user activity, for example, who has viewed which documents and the time they were viewed. In addition, a powerful search feature and the logical structure of folders make it easy for users to navigate through the data and find what they’re looking in a hurry.
A key feature is the ability to create custom document views based upon their role or responsibilities. By giving specific viewing permissions you can ensure only the relevant documents are viewed and prevent miscommunications and lost productivity. Furthermore, many providers provide drag-and drop interfaces that make it simple to upload and organize data.
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