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Online data rooms are an excellent way to store, manage and share documents. They are great for any project that requires sharing sensitive documents with third-party parties. For instance, due diligence in M&A deals or fundraising. Intellectual property is a major concern in the life sciences field. VDRs make it simple to share all documents with clients or investors in a secure online space, to make it easy for them to locate and examine the information that matters.

To keep sensitive files safe, choose a vendor that has robust security features that include multi-factor authentication as well as an option for accidental deletion redemption. Look for a “View As”, which lets users view their own access rights before connecting to. Some vendors also provide a range of options for deployment, so you can create a virtual data room to specific projects or a wide set of users.

A reliable online data space will have a simple, intuitive configuration that’s as clear to the CFO as it is to an accountant at the entry level. It should allow for the ability to deploy in a variety of ways, with a single sign-on for all projects, and the ability to let users customize the logo of the room, terms of services, and overall design and style. Find a company that lets you pay by the page or by the number of users, ensuring there are no surprises in the bill.

A VDR that has a smart search function will allow you to quickly locate documents within the platform. The indexing feature can be utilized to organize the structure of the room. Many VDRs also have Q&A functions, so that administrators can efficiently manage questions from counterparties.