It is likely that you think of the data room as a virtual environment that aids due diligence in an acquisition. It’s where both sides of an agreement can access and see sensitive information such as financial performance, patents and development of products. A well-designed and organized dataroom can be used for internal storage, file sharing and collaboration projects. To get the most value of a data space, it’s crucial to ensure that access control is in place.

Granular permission settings that are defined on a document and folder level can help you manage access to information that is privileged on a need-to-know basis, eliminating the possibility of unauthorised disclosures. By keeping track of activity in the data room it is possible to keep track of who viewed what when, and for how long. This will enhance transparency and accountability among collaborators.

A good VDR will permit you to retract documents even after they’ve been downloaded. This will lower the chance of sensitive information getting into the incorrect hands. It will also come with a solid redaction feature that lets you block out sensitive information without having to edit the document manually.

Many VDRs provide prices per page. This might be suitable for small, well-defined project, but it may be expensive for larger complex projects with insufficient or undefined variables. This is why it’s crucial to know if your chosen VDR provider charges by the number of documents or by the amount of user activity in the data room.