Many companies can attest to the fact that virtual data rooms have quickly taken over the market when it comes to safe and speedy document exchange. Not only do they provide a platform for users to invite select participants and ensure control over their private information, but also an organized space to host any number of projects at a given time.
While generic data rooms seem more feasible for smaller projects, the task of managing confidential documents vital to a business is better left in the hands of a reputable VDR provider and their unique features. A few of the features discussed in this article might be overlooked at first glance, but can make an immense difference to a project when utilized to their full potential.
Email, much like messages and music, is a staple application in most (if not all) of our smartphones. Whether it’s during a long commute or a quick coffee break, we can always be reached or reach out to others — so why should your virtual data room be any different? For those constantly on the go or in between different projects, certain data room providers (link) offer its clients the convenience of uploading documents directly from their email. This saves the time and hassle of signing into the platform when life becomes hectic.
Or, perhaps, an important participant in an M&A you are hosting in your VDR isn’t very tech-savvy and is delaying the process. The “email in” feature allows them to remain involved in the project and provide their relevant information in order to close a deal. Having the ability to contribute to document flow from the palm of your hand can make a world of difference to the overall time a project takes and the experience other users have.
When initiating any process that involves auditing it can become quite tiresome if the landscape of the platform being used isn’t conducive to achieving an end goal. For example, mergers and acquisitions take a lot of time and involve a lot of participants, which may lead to confusion during the process of vital information being shared back and forth and within select groups.
A favourable provider will offer the ability for the main user/client to view the VDR permissions as if they were a specific group or user. When utilized, this feature can give peace of mind to the main user as they navigate through the set up and implementation of the room during an already strenuous project. This overarching view is meant to lessen the burden of ensuring the necessary and correct precautions are taken to securing confidential documents. It shows the user if any accessibility was given to groups incorrectly before any information ends up in the wrong hands. Using this feature can quickly fix any errors that may have been made during the stress of tight deadlines and busy schedules.
Teamwork is what ultimately drives a project home. Without it clients can be left feeling unsatisfied and advisors can be left feeling like they could have done more to close an otherwise simple M&A deal. When a provider offers the Q&A feature in their virtual data room, it should definitely be taken advantage of, if only for the comfort of knowing that others can be easily reached out to within one platform.
The peer support and comfort this feature offers is invaluable and ensures that everyone in the virtual data room is on the same page. It’s a great tool for inspiring confidence that any concerns will be directly addressed by the other parties and stored in an organized manner on the platform for reexamination.
Heightened security should be the biggest selling point of any potential VDR you or your client is looking into. As mentioned above, a generic VDR can provide similar functions to a more qualified provider, but the security won’t be at the same level, especially for documentation that has a higher threat of being hacked. This threat could be inevitable or bypassed depending on whether a virtual data room provider’s convenient and unique tools are utilized to their full potential.
Watermarks are the most effective at warding off document leaks because of the detail into which they can be customized. There is nothing stopping someone from screenshotting a document, but when it has a specific watermark with the individual’s identification that can be enough to make them think twice. If the information is ever leaked there will be an identifiable person who can ultimately be held responsible.
Taking the time to compare and contrast virtual data room providers can save you and your client a lot of trouble in the long run. The tools they provide are there to assist the user in reaching their end goal and making the process that much easier during an already stressful and tedious time.