When people think of data room software they typically imagine it being used as part of due diligence processes for M&A deals. However, other businesses can benefit from the security and effectiveness of virtual data rooms too — for instance, law firms and life science companies.
Many law firms deal with confidential documents and information, such as client details and documents related to cases. By allowing users to collaborate clients from any location and at any time using a virtual data room, it can help save time and money. In addition to that, a lot of the top virtual data rooms for lawyers offer features like encryption, Q&A chat function, document annotation and remote shred to ensure security and privacy.
Similarly, life science companies are faced with an increase in sensitive information, such as research results and clinical findings. Using a secure virtual room can help them protect the information from unauthorized access and ensure that they quickly obtain the necessary licenses through efficient and central document storage.
The investment bankers are a third popular users of virtual data rooms, as they assist both the sell-side as well as buy-side of financial transactions through sharing and accumulating information. Granular access permissions, which can be customized based on job title and the level of the folder or document, are essential for them. They also need to be capable of tracking and monitoring the activities of a virtual room with detailed audit trails and reports that can easily export to Excel.
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