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Data rooms can speed up the due diligence process in M&A and capital raising, simplify business transactions, and protect sensitive information. Virtual data rooms that are dedicated to specific purposes are more secure than generic tools for sharing files, and can be customized to meet specific business demands. Some companies believe they can save money by using free virtual data rooms instead. This is a shrewd idea, as free online datarooms are more prone to unauthorized access and privacy breaches. They can be expensive or impossible to recover from.

To avoid costly errors and ensure the success of your VDR project, choose an option that comes with advanced features that are included in an affordable package. A good VDR, for example, will include an automatic file index and a dynamic watermark which adds the email address of the recipient in real-time on the document to deter screenshots. It also provides advanced expiry options, as well as DRM to stop unauthorized printing and sharing. It should also include an individual portal for clients and partners, a client/partner portal as well as a simple, yet intuitive user interface that’s equally clear for the CFO and entry-level accountant.

A good VDR should be compatible with various operating systems and mobile devices. It should also feature extensive reporting abilities that transform the audit logs of activity into useful reports. Visual analytics should be made available to streamline and enhance M&A and due diligence procedures. It should let users create access permissions that are aligned with the specific role of each user.