Most people envision software for data rooms being used in the due diligence phase of M&A transactions. Virtual data rooms can also help other businesses like biotech companies and law firms.
Many law firms handle sensitive documents and information like client information and case records. By the ability to collaborate with clients from any location and anytime using a virtual data room, it can save both time and money. Many of the top virtual datarooms designed for lawyers include features like encryption, a Q&A function along with document annotation and remote shredding to protect privacy and security.
Life science companies also handle large amounts of confidential information including research results and discoveries made in clinical practice. A secure virtual dataroom can aid in protecting them from competitors, and ensure they are able to quickly obtain licenses by organizing documents centrally and efficiently.
Investment bankers also use virtual data rooms to share and gather information. They assist both the buy-side and sell-sides of financial transactions. For them, granular access permissions which can be adapted in accordance with role as well as at document and folder level are crucial. They should also be capable of monitoring and tracking the activities in a virtual room using detailed audit trails, and reports that can easily export to Excel.
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