A data room is a great method of streamlining processes and transactions that depend on secure, effective document Get the facts sharing. However, not all data rooms are created equal, and certain have tools that are tailored to specific industries and transaction types. Compare the features and capabilities of providers to maximize your due diligence. Choose which VDRs are the most suitable for the industry in which you work.

Certain VDR software vendors, for example, specialize in assisting M&A due-diligence companies. Others focus on the banking, legal and education fields. Some VDRs include advanced features that are specifically designed for archiving and collaboration in investment banking as well as structured finance, M&A. SmartRoom, for instance is a cloud-based VDR that offers faster upload speeds, SmartLock to revoke access even after downloading, built-in redaction, and DocuSign integration among other features.

When you are comparing online document management software pay close attention to how the provider handles permission settings. Certain VDRs allow you to easily assign rights according to each user’s role within the company or contribution to the project. This enhances collaboration and security by ensuring that everyone is granted access only to documents relevant to their responsibilities.

Other essential features include full audit reports that include information on activity, file access, and viewing history. This will help you to optimize your governance and monitor security. The enhanced search capabilities are also important, especially when your team is working with large amounts of files. Make sure that your VDR supports optical character recognition, full text search using folders and content structure as well as filters for narrowing results.