When you think of data room software, the first thing that comes to mind is a virtual repository used for due diligence in M&A deals. This is not the only way this software can be used.
In fact, you can use VDRs for any project that require secure collaboration. For instance, if auditors or legal advisers require to have access to and review company’s documentation or other documentation, a VDR is a perfect solution to securely store and share the data. External advisors who require to review sensitive documents like private equity firms or investment banks, can benefit from a VDR.
Data room software can also help to reduce risk by ensuring compliance with industry standards VDR including GDPR and SOC II. This is achieved by using security features such as secure watermarks and user permission settings. Two-step verification, device tracking, encryption of documents, password protection and encryption of documents are all options that can be used to ensure security.
Another feature of data room software is the task management tool that helps you keep track of the tasks that are assigned to external and internal users. This helps you manage your team’s time and ensure that the work is completed on schedule. This tool can also enhance efficiency and planning of projects by allowing you to see the progress of every task in real-time. By doing this, you can identify bottlenecks and adjust the schedule according to the needs. Additionally, you’ll be notified when new tasks are assigned or completed.
