The best virtual datarooms feature features that make it simple for users to access their documents and read them. They include a table of contents, drag-and drop capabilities, subfolder and folder structure and search functionality. To ensure security, they provide granular permissions for file sharing and viewing (e.g. view only, editing and uploading with full capacity; fence view to prevent screen printing and unauthorised viewing remote data wiping and so on.).
A VDR should also provide advanced functions like Q&A or document versioning to make due diligence easier. This will help keep projects on track and ensure they are completed. Some, such as FirmRoom go even further with request management, which integrates all diligence requests and communications into one central location and is customised for buyers and sellers.
Finally, a great VDR can be customized with a dashboard that displays recent activity and notifications to keep everyone up-to-date. It should also include features that can accelerate the process by removing obstructions and ensuring continuous distribution without interruption. This includes an exhaustive list of all participants, as well as a grouping based on roles or participation to speed up the invitations process.
The ultimate goal of any data room is to provide all the information needed to make the right decision while keeping sensitive data from falling into the wrong hands. Be aware that sharing too much data can be a problem. Investors can be distracted by irrelevant information or make decisions based upon incomplete or unreliable data if you provide too many.