The majority of people think of the use of data rooms in the due diligence phase of M&A transactions. However, a variety of other businesses can benefit from the security and efficiency of virtual data rooms, too — like life science and law firms. companies.
Many law firms handle sensitive documents and data, such as client details and the case records. By permitting users to collaborate with clients from anywhere and anytime, a virtual room can save both time and money. Many of the top https://dataroomentertainment.com/online-data-room-for-businesses/ virtual datarooms for lawyers include features like an encrypted Q&A function along with document annotation and remote shredding that ensures privacy and security.
Similar to life science companies, they deal with escalated amounts of confidential information, including research results and clinical discoveries. Using a secure virtual room can help them safeguard this information from competition and help them quickly obtain the required licenses by using a central and efficient document storage.
The investment bankers are a third popular user of virtual data rooms, because they aid both the sell-side as well as buy-side of financial transactions by sharing information and acquiring it. For them, granular access permissions that can be customised in accordance with role as well as at document and folder level are vital. In addition, they require the capability to track and monitor every activity that happens in a virtual data room using detailed audit reports and trailing trails that can be exported to Excel.