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It isn’t always easy to share sensitive data with other parties, whether it is to facilitate due diligence, collaboration, or to avoid the risk of a breach of compliance. Virtual data rooms can automate and simplify processes to help companies complete various business functions.
VDRs are most often employed for mergers and acquisitions, but any business can benefit from a user-friendly system that consolidates files instead of sending them back and forth via email. Virtual data rooms can help streamline the process of raising money from investors, or getting ready for an IPO. They also allow those involved to find the information they require in an systematic way.
A reliable VDR will also let you restrict access to certain documents or folders. Many providers offer comprehensive log-in and reporting features that track user activities, such as who viewed what documents and the time they were viewed. A robust search function as well as a logical folder structure allows users to navigate the data.
A key feature is the capability for users to create custom document views based upon their role or responsibilities. The ability to grant specific viewing rights ensures that only relevant information is viewed and helps to prevent mistakes and loss of productivity. Many providers also offer drag-and-drop functionality that makes it easy to upload and organize data.
