Everyone doesn’t want to make a huge business decision without all the information. However, in the past getting that information was a process of sifting through tens of thousands of highly secret documents – a process that posed a huge security risk and could end up costing businesses a lot in terms of lost opportunities, hefty lawsuits, or worse.
The latest option is a virtual data room, which is a safe place to store and share documents, images and other data with people who need to view it (such as the stakeholders in an M&A deal). They can be used to conduct due diligence for an acquisition or tender or capital raising, as well as any other major business transaction. They store everything from financial reports, technical drawings and patents, in a secure, controlled environment.
With granular access permissions that can be configured at the both the folder and document level unlimited users are able to work on the platform without risking data integrity. A powerful search feature allows users to quickly and effortlessly locate the information they need. Tools for team messaging within the workplace can reduce the need to switch between several applications, thus increasing productivity during due diligence.
In addition the redaction tools are beneficial to protect sensitive information from falling into the unintentional hands. Manually removing content of large documents can be time-consuming and increases the possibility of missing a single or several instances that could have a major impact on the deal’s outcome. Find a service provider that has a flexible service that can be modified as your needs change.