When most people think of software for data rooms they typically imagine it being used as part of due diligence processes for M&A deals. Virtual data rooms can be beneficial to other companies including biotech companies and law firms.
Many law firms handle confidential documents and records such as client information and case records. By the ability to collaborate with clients from anywhere and anytime using a virtual data room, it can help save time and money. Additionally many of the best virtual data rooms for lawyers have features like encryption, Q&A chat feature, document annotation and remote shred to protect security and privacy.
Life science companies also handle huge amounts of confidential information including research results and findings in clinical practice. Using a secure virtual data room can allow them to protect this information from competitors and ensure they quickly obtain the necessary licenses by utilizing efficient and central document storage.
Investment bankers also make use of virtual data rooms to share and collect information. They help both the buy- and sell-sides of financial transactions. Access permissions that are flexible, and can be customized based on role and the level of the folder or document, are crucial for them. Furthermore, they need the capability to monitor and track every action in a data room with detailed audit trails and reports that can be exported to Excel.