The best virtual datarooms feature features that make it simple for users to access and read documents as well as review them. They have a table of contents, drag-and-drop capabilities, subfolder and folder structure, and search functionality. They also offer an extensive file sharing and viewing permissions (e.g., editing only, view only full downloading and uploading and fence view to block screen prints, unauthorized viewing remote data wipe and much more) to provide greater security.
A VDR should also include advanced functions like document versioning or questions and answers to speed up due diligence. This will assist in keeping projects on track and ensure that they are completed. Some, such as FirmRoom take this step further by implementing request management that synchronizes all diligence requests and communication in one place designed for buyers and sellers.
Lastly, a good VDR allows for a customizable dashboard that shows recent events and also sends out notifications to keep everyone updated. It should also have features that speed the process by eliminating bottlenecks and ensuring a continuous distribution. This includes a list of all potential participants and categorizing them according to roles or participation to make the invitation process more efficient.
Ultimately, the goal of any data room is to provide all the information required to make an agreement while keeping confidential data from being in the hands of a thief. Be aware that sharing too much information could be a problem. Investors can be distracted by irrelevant data or make decisions based upon incomplete or unreliable information in the event that you share too many.