A data room is an online storage space for documents and files from the business that are securely shared with third parties. They are mostly used to conduct due diligence on an upcoming transaction, but thanks to the growth of remote work and technical advancement, they are used more frequently throughout the entire business lifecycle. From fundraising and divestitures through to internal storage and file sharing.
It is important to spend some time in the planning phase to determine what you’ll do with the data room and what features will be most beneficial to your business. This will save you from unexpected costs and wasted time and ensure the right level of functionality available to meet your needs.
You will also save time and money by selecting the right data room service. As opposed to physical rooms https://11dataroom.com/the-benefits-and-features-of-highq-data-room/ data rooms have a smaller operating budget since there is no need to hire a secure location and pay security companies to keep the room in check at all hours. In addition, if you’re hosting a large number of users coming from different locations and time zones, it’s best to select a provider with 24/7 support, so your team members can receive the assistance they need when it is most needed.
Another feature worth looking out for is the ability to quickly access reports that detail user activity – who has viewed which documents, when they accessed them and whether they printed or downloaded them. These tools for reporting can be beneficial from a management and security perspective, since they provide an overview of the user’s activities that can be used to inform the future implementation and planning.
