https://www.dataroomsite.com/an-updated-virtual-data-room-comparison-focused-on-deal-management/
Companies that are involved in due diligence, M&A or other transactions must be able to share confidential files securely. Top virtual data rooms provide a secure platform which can be accessed at any point of the day and on any device. They also facilitate easy collaboration between parties and offer an expert support team to help with any issues that may arise.
A quality VDR will also offer advanced analytics and reports. This allows stakeholders to monitor levels of engagement and activity in real-time. This will improve transparency during a due diligence procedure and help managers detect security risks.
The best virtual data rooms are easy to configure and manage and offer a variety of features that meet the needs of different projects and industries. For example, FirmRoom offers bank-grade security with a user-friendly interface for easy document management and collaboration. It also offers extensive redlining and edit capabilities to speed up the transaction process. Other features include two factor authentication sessions, session timeouts, and location restrictions.
Other features that are specific to the industry include compliance reporting and a searchable document repository and secure file sharing. These features can help to ensure that companies are complying with the regulations and ensuring that their privacy policies are in place. It’s also recommended to choose a vendor that offers flat-rate pricing options that are either monthly or annual. This can save companies money over the traditional per-page pricing, which can add up in the event that a project requires many documents to be uploaded.