When people think of data room software, they usually picture it being used in due diligence for M&A deals. Virtual data rooms can also benefit other businesses including biotech companies and law firms.
Law firms typically handle many confidential documents and documents, including client details and cases documents. By the ability to collaborate with clients from any location and at any time, a virtual data room can save time and money. Many of the top virtual datarooms that lawyers can use include features like an encrypted Q&A function that allows document annotation as well as remote shredding to protect privacy and security.
Life science companies also handle huge amounts of sensitive information, such as research results and findings in clinical practice. A secure virtual dataroom could help protect them from competitors and ensure they are able to quickly obtain licenses by storage of documents centrally and effectively.
Investment bankers also make use of virtual data rooms to share and collect information. They assist both the buy-side and sell-sides of financial transactions. For them, granular access permissions that can be tailored depending on role and at the level of folders and documents are crucial. Furthermore, they need the ability to monitor and track every action in a data room through detailed audit trails and reports that can be exported to Excel.
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