When people think of software for data rooms they typically think of it being used during due diligence processes for M&A deals. However, many other businesses can benefit from the security and efficiency of virtual data rooms as well — for instance, law firms and life science companies.
Many law firms handle confidential documents and information such as client information and case records. By permitting users to collaborate with clients from anywhere and anytime the virtual data room will save time as well as money. A lot of the top virtual datarooms designed for lawyers offer features like encryption, a Q&A function that allows document annotation as well as remote shredding to ensure privacy and security.
Life science companies also deal with huge amounts of sensitive information, such as research results and discoveries in clinical practice. Utilizing a secure virtual data room can allow them to protect this information from competitors and ensure that they can quickly obtain the necessary licenses by utilizing efficient and central document storage.
Investment bankers also use virtual data rooms to share and collect information. They aid both the buy-side and sell-sides of financial transactions. For them, granular access permissions which can be adapted based on role and at the folder and document level are vital. They also need to be able to track and monitor the activities in a virtual room with detailed audit trails and reports that are able to be exported to Excel.
