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The key to creating a strong virtual data room is a structured and logical file structure, with clear, informative title for each folder. This way, users can find what they need within seconds. It is also beneficial to arrange the documents in the same and clear format (e.g. PDF text documents and financials in Excel) to simplify viewing the files and manipulating their contents.
The level of permissions granted is essential to prevent document leakage and leakage. For example, a team could be divided into access groups depending on their roles in due diligence, like “management” and “finance.” In addition to granting permissions based on the type of file, the folder or a particular file, VDR software can notify admins of all activities taking place within the repository by sending real-time notifications.
A VDR should also be a logical choice to all users, including founders and investors who aren’t technical. The search and navigation of the VDR should be easy and take only a few minutes, similar to navigating a Dropbox. Similarly, the tool should be able to work with non-proprietary formats of files and allow for a simple collaboration with outside parties.
The most efficient VDRs are equipped with advanced functionality that makes it easier to streamline and simplify critical business processes — such as M&A due diligence or the IPO process. A virtual data room that combines project management and a robust OCR engine is able to automatically scan PDFs and other files. This is a crucial feature in M&A diligence workflows. The best solutions also provide 24/7 technical support, so that expert experts can be consulted immediately when required during crucial transaction phases.