When you think of data room software the first thing that comes to mind is a virtual repository used for due diligence in M&A deals. However, this is just one of the ways in which this software can be used.
A virtual data room can be utilized for any project that requires secure collaboration. A VDR is an excellent solution to securely store and share information when, for instance, auditors and legal advisers need access to and review of company’s documents. Similar to other external advisors who require access to sensitive documents, such as investment banks and private equity firms.
Data room software can help to reduce risk, while also making sure that the company is in compliance with industry standards, such as GDPR or SOC II. This is accomplished through security features such as secure watermarks and user-permission settings. Other features that help ensure security include two-step verification devices and location tracking secure document encryption, and password protection.
A task management tool is an additional important function of data rooms software. It helps you keep on top of the tasks assigned to both internal and external users. This helps you manage your team’s time and ensure that the work is completed on schedule. It also helps improve efficiency and planning of projects by allowing you monitor the progress of each task in real time. This allows you to identify bottlenecks, and adjust your schedule in line with the situation. In addition, you’ll be notified when new tasks are assigned or complete.