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When a company requires outside individuals to review its data, for reasons of due diligence or collaboration or collaboration, it can be difficult to share sensitive information without risking a breach or violating compliance. Virtual data rooms automate and streamline processes to assist companies in completing various business functions.
Mergers and acquisitions are the most common use of VDRs for startups, but businesses in any industry can benefit from a user-friendly, simple platform that consolidates documents instead of emailing files back and back. Virtual data rooms can help simplify the process of obtaining money from investors, or preparing for an IPO. They make it easier for stakeholders to find the documents they require in an efficient way.
A reliable VDR should also provide documents with granular permissions, which limit access to certain folders or documents. Many providers offer comprehensive log and reporting features which track user activity and activities, such as who viewed what documents and when. A robust search function and logical folder structure makes it easy for users to navigate through the information.
Another important characteristic is the ability to create custom document views for users according to their roles and duties. By granting specific viewing privileges it is possible to ensure that only relevant documentation is viewed and avoid miscommunication and loss of productivity. Many providers also offer a drag-and-drop interface that makes it easy to upload and organize data.