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You might think of the data room as a virtual space that aids due diligence in an acquisition. Both parties to a transaction are able to access and review sensitive information such as financial performance, patents and product development. But a well-designed data room can also be used to support internal storage and file sharing, fundraising and other collaboration projects as well. To make the most of a data space, it’s essential to ensure that access control is tight.

Granular permission settings that are defined on a folder and document level will allow you to control access to information that is privileged on an need-to-know basis, reducing the possibility of unauthorised disclosures. In addition, by tracking activities in a data space, you’ll be able to keep track of who saw what and for how long which will improve transparency and accountability between collaborators.

A quality VDR lets you rescind documents after they have been downloaded, which can reduce the risk that sensitive information is slipped into the wrong hands. It will also come with a reliable redaction feature that allows you to block out sensitive information without having to manually edit the document.

Many VDRs still offer per page pricing. This is a good option for a small, clearly defined project, but it could be costly for larger complex projects that have insufficient or undefined variables. For this reason, it’s crucial to know whether the chosen VDR provider charges by the number of documents they have or by the amount of user activities in the data room.