When most people think of data rooms they are probably thinking of the due diligence process for a merger or acquisition (M&A) deal in which both parties review the documentation that is critical to business. Data rooms are being used for more than just M&As. They also assist with equity deals, fundraising and company restructuring.

This is why there are now a variety of software for data rooms and it’s essential to select one that best meets the requirements of your company. The ideal is for it to be easy to start and be accessible from any place in the world using secure logins, encryption technology and tools to identify unauthorised access or downloads.

Another important feature is the capability of creating a folder structure that complies with the requirements of your project/due diligence as well as assigning reading and uploading tasks to internal team members advisors, third party consultants or other team members. Access permissions for multiple users that can be customised at an individual level for both folders and documents are also useful. When it comes to the Q&A stage of a potential deal, look for a solution with an intuitive and efficient editing tool that is in the wiki style that allows you to create notes that are only accessible by you (and nobody else).

The best online data rooms offer a suite reports that give administrators a comprehensive view of user activity. This includes the type of documents were looked at, as well depending on whether they were printed or downloaded. They should also allow users to export their data in a secured format for later use in the event of a need. Choose a provider that provides 24 hours of technical and account management assistance.

scottish-clp.com/the-impact-of-technology-on-the-world/