A data room is a secure online repository of business documents and files. The majority of the time, they are used in the due diligence process for a potential deal but technical development and remote working means they are increasingly being used across the full business lifecycle from divestitures and fundraising to internal storage and file sharing.

It is essential to take some time in the planning phase to determine the best way to use your data room and what features are most beneficial to your business. This will help you avoid unexpected costs or waste of time and ensure that the correct level of functionality is available for your particular needs.

You can also save time and money by selecting the right provider for your data room. In contrast to physical rooms data rooms need a smaller operating budget as there is no need to rent an appropriate location or pay security companies to keep the room in check at all hours. Additionally, if you have an abundance of users from a variety of places and time zones, it’s best to select a provider which provides 24/7 support to ensure your staff can get the help they require https://11dataroom.com/document-management-in-health-care/ when it matters most.

A key feature is the ability to quickly access reports that detail user activities – who accessed which documents, what they were used for and whether they were downloaded or printed. These tools for reporting can be beneficial from a management and security standpoint, as they provide an overview of the user’s activities that can be used to guide the future implementation and planning.