Most people imagine that data room software is used in the due diligence phase of M&A transactions. However, many other businesses can benefit from the security and effectiveness of virtual data rooms as well — for instance, life science and law firms. companies.
Law firms typically handle many confidential documents and documents, such as the client’s details and cases files. By permitting users to collaborate with clients from any location and anytime the virtual data room will save time as well as money. In addition many of the best virtual data rooms that lawyers can use offer features such as an encrypted Q&A chat feature, document annotation and remote shred to ensure security and privacy.
Similar to life science companies, they are faced with an increase in confidential information, including research results and clinical discoveries. A secure virtual dataroom can help them protect themselves from competitors, and also ensure they can obtain licenses quickly by storing documents centrally and efficiently.
The investment bankers are a third popular users of virtual data rooms, as they assist both the sell-side as well as buy-side of financial transactions through sharing and gathering information. Access permissions that are granular, and can be customized by the role, document or folder level, are crucial for them. Additionally, they need the ability to monitor and track the entire activity of a virtual data room through detailed audit trails and reports that can be exported to Excel.
