When people think of data rooms they’re probably thinking about due diligence as a process in merger or acquisition (M&A) deal where both parties go through business-critical documentation. Data rooms are used to assist with more than M&As. They also help with equity deals, fundraising, and restructuring of companies.

In the end, there are many types of software solutions for data rooms and it’s important to find one get more that fits the needs of your business. It should be simple to access from anywhere with secure logins and encryption technology. Tools to detect illegal downloads or access are also important.

Another crucial feature is the ability to design an organization structure that is compatible with your project/due diligence requirements and easily assign uploading and reading tasks for members of your team advisors, as well as third-party partners. Access permissions can be customised at the level of the folder and document. When it is the Q&A phase of a potential deal look for an easy and effective editing tool in the wiki style that allows you to make notes that are only accessible by you (and nobody else).

The most effective online data rooms offer a suite of reports that provide administrators with a complete picture of user behavior, from what documents were seen to whether or not they have been downloaded or printed. Users should be able export data in encrypted format if they need to. Finally, look for a service that provides continuous support for account management and technical issues that is available 24 hours a days all year long.