When you think of software for data rooms, the first thing that comes to mind is a repository virtual utilized for due diligence in M&A deals. But this is only one of the ways in which this software can be utilized.
A virtual data room can be utilized for any project that requires secure collaboration. A VDR is an excellent solution to securely store and share information for instances where auditors and legal advisers need access and review of company’s documents. The same goes for other external advisors who need access to sensitive documents such as investment banks or private equity firms.
Data room software can reduce risk as well by making sure that the company is in compliance with industry standards such as GDPR or SOC II. This is done through security features like secure watermarks, user authorization settings and audit trail report. Two-step verification, device tracking and encryption of documents, password protection and encryption of documents are all options that can be used to protect your data.
Another key aspect of the software is a task management tool which helps you keep the task assignments that are assigned to external and internal users. This helps you manage your team’s time and ensure that work is completed according to schedule. This tool also improves efficiency and planning of projects, as you can view the progress of every task in real-time. This lets you identify the bottlenecks and alter your schedule to accommodate them. You will also get notifications when tasks are completed or assigned.