A data room is an online repository for business documents and files which are securely shared with third party. Most often, they are used for the due diligence process of an upcoming deal, but technological development and remote working means they are being utilized throughout the entire business lifecycle from divestitures and fundraising, to internal storage and file sharing.
It is important to spend some time during the planning phase in order to determine how you intend to use your data room and which features will be most beneficial to your business. This will prevent unforeseen costs or wasted effort and ensure that the proper level of functionality is in place for your particular needs.
You can also save time and money by selecting the right data room provider. Virtual data rooms are more affordable to operate than physical rooms, since they don’t require paying for a secure facility or for security companies to monitor it continuously. Furthermore, if your business has several users spread across a variety of locations and time zones, it’s best to select a provider which provides 24/7 support to ensure your team highq members can receive the assistance they need when it is most needed.
A key feature is the ability to quickly access reports describing user activities – who accessed which documents, what they were used for and whether they were printed or downloaded. These reporting tools can be beneficial from a managerial and security standpoint, as they provide an overview of the user’s activities which can be used to inform future planning and implementation.