A data room is a secure online repository of business documents and files. Most often, they are used to aid in the due diligence process in an upcoming deal, but technological development and remote working mean they are becoming increasingly used throughout the entire life cycle of a business from divestitures to fundraising to internal storage and file sharing.
It is crucial to spend some time during the planning phase in order to determine how you intend to use your data space and what features will be most beneficial to your business. This will avoid unforeseen costs and wasted effort and will also ensure the right level of functionality is available to meet your particular requirements.
The right data room provider will also save your time and money. In contrast to physical rooms, virtual data rooms require a lower operating budget as you don’t have to hire an appropriate location or pay security companies to keep an eye on the room at all hours. Furthermore, if your business has several users coming from different locations and time zones it’s worth choosing a provider with 24/7 support, so your team members can receive the help they require whenever they need it.
Another key feature to look for is the capability to easily access reports describing user activity – who has viewed which documents, when they visited them, and whether they printed or downloaded them. These tools for reporting are beneficial from a managerial and security standpoint since they provide a summary of user activity that can be used to guide the future planning of data rooms and implementation.
https://11dataroom.com/virtual-data-rooms-review-for-making-an-informed-decision/