When you think of data room software the first thought that comes to mind is a virtual repository that is used to perform due diligence on M&A deals. This is only one way this software is used.
A virtual data room can be utilized for any project that requires secure collaboration. A VDR is a great solution to securely store and share data when, for instance, auditors and legal advisers need access and review of a company’s documents. This is also true for other external advisors who need to see sensitive documents like investment banks or private equity firms.
Software for data rooms can aid in reducing risk by making sure you’re in compliance with industry standards including GDPR and SOC II. This is accomplished by using security features such as secure watermarks and user permission settings. Two-step verification, device tracking, encryption of documents, password protection and encryption of documents are all options that can be utilized to ensure security.
A task management tool is an additional important feature of data room software. It helps you keep track of and manage the tasks assigned to both external and internal users. This will allow you to better manage your team’s schedule and ensure that the work is completed on time. This tool also improves the efficiency of your project because you can see the progress of every task in real-time. This helps you spot the bottlenecks and alter your schedule to accommodate them. In addition, you can also receive notifications when new tasks are assigned or completed.