When most people think of software for data rooms they typically imagine it being used in due diligence for M&A deals. However, many other businesses can benefit from the security and efficiency of virtual data rooms as well — like life science and law firms. companies.
Law firms often deal with a lot of confidential information and documents, such as client information and case documents. Utilizing a secure data room for collaboration with clients can save time and money by giving users access to the same information from any location and at any time. A lot of the top virtual datarooms designed for lawyers include features like an encrypted Q&A function along with document annotation and remote shredding for privacy and security.
Additionally, life science firms have to deal with a growing amount of sensitive information, such as research results and clinical discoveries. A secure virtual dataroom could help protect them from competitors, and ensure they can obtain licenses quickly by storage of documents centrally and effectively.
Investment bankers also make use of virtual data rooms to share and collect information. They help both the buy-side and sell-sides of financial transactions. Granular access permissions, which can be customized according to role and folder or document level are crucial for them. Additionally, they require the capability to track and monitor the entire activity of a virtual data room using detailed audit reports and trailing trails that can be exported to Excel.
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