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When you think of a data room, you’re probably thinking of a digital environment that facilitates the due diligence process of an acquisition of a company. It’s where both parties to the deal are able to access and examine sensitive information such as financial performance, patents and development of products. However, a properly-designed data room can also support internal file sharing and storage as well as fundraising and other collaboration projects too. To get the most out of a data room, it’s essential to ensure that access control is secure.
Granular permission settings that are defined at the folder and document level will help you control access to confidential information on an need-to-know basis, reducing the possibility of disclosures that are not authorized. By monitoring the activity of your data room it is possible to keep track of who has viewed what when, and for the length of time. This can improve transparency and accountability among collaborators.
A quality VDR lets you rescind documents after they have been downloaded. This can reduce the risk that sensitive information will fall into the incorrect hands. It will also include a reliable redaction feature that lets you block out sensitive information without the need to edit the document manually.
Many VDRs provide pricing per page. This pricing may be ideal for small, well-defined projects however, it can be costly for larger, complex projects that have unclear or unknown variables. It is crucial to know whether the VDR provider you choose charges based on the number of documents or amount of activity in the data room.
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