No one wants to make a huge business decision without all the information. But in the past, getting that information was a process of sifting through tens of thousands of highly secret documents – a process which posed a serious security risk and could end up costing companies a fortune in terms of loss of opportunities, costly lawsuits, and even more.
Modern alternatives include a virtual dataroom which is a secure place to share and store data documents, images and documents with those who need it (such stakeholders in a M&A deal). They can be used for due diligence during an acquisition, tenders, capital raising or any other major business transaction, and can store everything from financial reports to technical drawings and patents in an environment that is controlled.
The platform allows unlimited users to work, without compromising the integrity of the data. Access permissions for multiple users can be set at the folder and document levels. A powerful search feature allows users to quickly and easily locate the information they need. Additionally, internal team messaging tools help users avoid having to bounce between different applications, and increase productivity in the due diligence process.
Additionally, redaction tools can be useful to prevent sensitive information from falling into wrong hands. Manually deleting content of large documents can be time-consuming and increases the likelihood of missing single or multiple instances that could have a major impact on the outcome of a deal. Finally, you should look for an organization that has an option for a flexible subscription plan which can be altered when the needs change.