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It isn’t easy to share sensitive information with outside parties, whether it’s for due diligence or collaboration, or to prevent an infringement of compliance. Virtual data rooms make it easier to streamline document sharing and automate processes so that companies can successfully complete a variety of business events.
Mergers and acquisitions are the most frequent use of VDRs for startups, however businesses of any type can benefit from a user-friendly, simple platform which centralizes documents instead emailing files back and forth. When you’re looking for ways to raise funds from investors or prepare for an IPO using a virtual information room can make the process easier and help the stakeholders locate the information they need in a way which reduces communication chaos.
A reliable VDR should also allow documents with granular permissions, which limit access to certain documents or folders. Many providers offer extensive reporting and logging capabilities that track user activities, including who viewed what documents and when. A robust search feature and the logical structure of folders helps users navigate the information.
A key feature is the capability for users to design customized document views based on their job or duties. By granting specific viewing rights it is possible to ensure that only relevant documents are seen and prevent miscommunications and lost productivity. Many providers also provide a drag and drop interface that makes it simple to upload files.
