The best virtual data rooms include features that allow users to access and review documents. They include a table of contents, drag-and drop capabilities as well as subfolder and folder structures and search functions. They also provide the ability to share files with granular permissions (e.g. editing only, view only, full downloading and uploading, fence view to prevent screen prints, unauthorized viewing, remote data wipe, and much more) to provide greater security.
Another consideration is whether a VDR has advanced features like Q&A as well as document versioning, to simplify due diligence and ensure projects stay on track. Some, such as FirmRoom go beyond that by offering request management, which can synchronize all requests for diligence and communications all in one location, customised both for buyers and sellers.
A reputable VDR will also provide an adjustable dashboard that displays the most recent activity and notifications so that everyone is kept up to date. It should also offer features that can speed up the process by removing bottlenecks and ensuring continued distribution without interruption. This includes a complete list of all participants as well as grouping by the role or participation to speed up the invitation process.
The ultimate goal of any data room is to provide all the information needed to reach an agreement while keeping confidential information from getting into the hands of a thief. It is important to keep in mind that there is such a thing as too much data -in the event that you provide more information than needed, investors could get distracted by irrelevant data or make decisions on incomplete or unreliable data.