A data room is a safe online repository of business documents and files. Most often, they are used to aid in the due diligence process of deals in the near future, but their technical development and remote work means they are now being utilized throughout the entire life cycle of a business from divestitures and fundraising, to internal storage and file sharing.
It is essential to invest some time during the planning phase to determine how you intend to use your data room and what features are most beneficial for your business. This will avoid unanticipated costs or wasted time and ensure that the correct level of functionality is in place for your particular needs.
You will also save time and money by selecting the right provider for your data room. In contrast to physical rooms data rooms need a smaller operating cost since you don’t need to hire a secure space and pay for security companies to monitor the room at all hours. If you have lots of users in different locations and time zones it is important to choose a service that provides 24/7 support. This will ensure that your staff receives the support they require when they need it.
Another feature worth looking for is the ability to easily access reports on user activity, such as who read which documents, at what point they opened them, and whether they downloaded or printed them. These tools for reporting are beneficial from a management and security standpoint since they provide a comprehensive view of user activity that can be used as a basis for the future plan for data room implementation.