Digital Data Rooms
The virtual dataroom (VDR) offers a secure platform to share documents in a variety of business scenarios. For example, whether it’s due diligence in M&A or during an IPO or restructuring the VDR is a practical solution for any document sharing project. The top VDR providers provide professional customer service via a variety of channels including live chat through the app and on the phone. A majority of these services offer support for multiple languages and training videos.
The most commonly used use case for a digital data room my response is during due diligence in M&A transactions. In this stage selling parties must communicate all relevant documents to prospective investors, but ensure that sensitive information remains private. The VDR ensures that only those people can access documents they require to carry out their tasks. This is achieved by assigning access permissions granularly to specific folders and files.
Furthermore, the logical structure of the file system and its intuitive navigation makes it easy for users to locate what they need. Some VDRs offer the possibility to alter the theme of the data room and to place logos of companies on the dashboards.
Another advantage of digital data rooms is that they are accessible from any device, as long as it has internet access and a modern web browser. This flexibility makes it easier to communicate between directors of boards and results in faster decision-making as well as a more efficient workflow. Lastly digital data rooms provide an audit trail for all activities, from the moment a file is viewed to the IP address it was accessing it from.