Avoid Costly Mistakes With Free Data Room Services

Data rooms assist in speeding the due diligence process during M&A and capital raising, simplify business transactions, and protect sensitive information. Virtual data rooms that are paid for have more security features than generic file-sharing tools and are highly customizable to meet specific business needs. Some companies believe they can save money by using free virtual data room services instead. This is a risky assumption, as the free data rooms are more susceptible to unauthorized access and privacy breaches. They can be expensive or impossible to recover from.

Choose a vendor that offers advanced features in a low-cost package to avoid costly errors. A quality VDR for instance, has an automatic file index and a dynamic watermark which adds the email address of the recipient in real-time to the document to prevent screenshots. It also includes advanced expiry options and DRM to prevent unauthorized printing and sharing. It should also have an adjustable customer portal, a partner portal and client portal as well as a simple, yet user-friendly interface that is equally clear to the accountant and CFO.

A high-quality VDR is one that is compatible with a variety of operating systems and mobile devices. It should also feature powerful reporting capabilities that convert audit logs of activities into useful reports. Visual analytics should be available to make it easier and more efficient M&A and due diligence processes. It should permit users to establish access permissions that are in line with each user’s role.

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