Data room technology is cloud-based platform that supplies clients with features and tools to protect online files. This includes physical security (continuous data backup), application security (multi-faceted security implementations like encryption techniques, watermarking and data siloing in private servers) and user activity tracking (including documents’ views and downloads).
The most common use case for VDR technology is due diligence during M&A transactions where the sell-side needs a secure platform to share information with prospective investors, while also managing their access permissions. This enables both parties to look over the documents and address concerns in a centralized and organized manner.
If you’re looking for a way to streamline the process of due diligence and increase productivity, choose a provider that has robust task management tools. These tools should offer an overview of 360 degrees of all tasks assigned to them, including who is this assigned them and their status. Administrators can keep track of the incoming requests, respond them in real-time, and follow up promptly.
Keeping track of document uploads, Q&A threads and deadlines is much easier with a provider that automatically sends email notifications to users that have been assigned reading/uploading/deadline tasks. This helps to keep everyone on the same page and prevents any confusion about what is required to be completed and when.
Make sure you choose a service that provides flexible subscription packages that let you scale up or down according to your requirements without having manage complicated contracts or billing procedures. Also, look for a company that offers in-app live chat, phone and email multilingual support, with dedicated managers and teams. This is a great way to get expert assistance in a timely manner and can really help your project go smoothly.
