When it comes to making big business decisions, nobody wants to go in without all the facts. In the past, finding the information required combing through thousands of highly confidential documents. This could have been an security risk and could have cost businesses huge amounts, in terms of lost business opportunities, gruesome lawsuits, or worse.

The newer option is a virtual data room, which is a safe place to store and share documents, images and information with those who need to view it (such as those involved in an M&A deal). They are a great tool for due diligence in an acquisition, tenders, capital raising or any major business transaction, storing everything from financial reports to technical drawings and patents in a controlled environment.

With access permissions granular enough that can be set on document and folder level unlimited users are able to work on the platform without compromising data integrity. A robust search feature lets users to quickly and effortlessly find the information they require. Tools for tracking project issues digitally team messaging within the workplace can reduce the need to switch between several applications, which can increase productivity during due diligence.

Redaction tools are also very useful to prevent sensitive information from falling into the in the wrong hands. Manually deleting content from large documents can be time-consuming and increases the chance of missing single or multiple instances, which could have a significant impact on the deal’s outcome. Finally, you should look for a provider that offers a flexible subscription package that can be amended to meet changing needs.