When people think of data rooms they’re probably thinking about the due diligence process that is used for a merger or acquisition (M&A) deal where both parties review critical business documents. Data rooms are being used to assist with more than M&As. They can also assist with fundraising, equity content about empowering business the secure document management tool deals and company restructuring.

As a result, there are a variety of data room software solutions and it is essential to choose one that is suitable for the requirements of your business. It should be easy to use and accessible from any location with secure logins and encryption technology. Tools to identify unauthorized downloads or access are crucial.

Another feature that is important is the possibility of creating a folder structure that complies with the requirements of your project or due diligence and assigning reading and uploading tasks to team members within the internal organization, advisors or third parties. Access permissions can be tailored at the level of the folder and document. Also, when it comes to the Q&A discussion stage in a potential deal, look for a solution that includes an intuitive and efficient editing tool that resembles a wiki. It makes it easy to add notes that can only be viewed by you (and not the other party).

The best online data room comes with a variety of reports that give administrators a complete picture on the activities of users. This includes the type of documents were seen, as well being able to tell if they were printed or downloaded. They should also permit users to export data in a secured format for later usage if needed. Also, find an organization that provides ongoing technical and account management assistance which is available 24 hours a day all year long.