Virtual data rooms aren’t an all-purpose solution. This is because the features of a virtual dataroom are designed to support specific kinds of documents as well as business processes. Some data rooms specialize in M&A due diligence, while others provide tools to support other business activities like tenders and capital raising.
There are a few universal tools that are necessary for all data rooms regardless of their intended function. One of these features includes search capabilities. A powerful search feature will assist you in finding information quickly within an archive or document.
Another feature that is frequently used is access control. The ability to create a hierarchy which grants users access rights to both individual files and entire sections of the repository is critical for maintaining document integrity. It will also allow you to monitor the activity on the website, such as who accessed what file and at what time.
The ability to label folders and documents is essential for organizing documents and making them easy to find. This can be accomplished by creating folders based on the level of confidentiality, the project stage or department. You can also take an approach from top to bottom and organize files according to the type.
For instance, you might want to create an account for each property that your company owns. You can upload documents such inspection reports, sales agreements and photos of the property to this folder. This allows potential buyers to review the information without having to download and upload numerous separate documents.