The majority of people think of a data room as part of the due diligence process in an acquisition or merger, but they have much more useful applications. In fact, the majority of life science firms use them to manage everything from managing clinical trials to HIPAA compliance to licensing IP and storing patient files.
Virtual data rooms permit users to store securely and share files with any number of authorized users regardless of their location across the globe. You can also set permissions and access limitations to limit who is able to access which files, ensuring that you don’t run the risk of your confidential information falling into the unintentional hands of the.
You can access your data on any device, for example your tablet or smartphone. This means you can look over documents and collaborate with team members from anywhere – thereby saving time and money on travel expenses. You can also conduct a virtual roadshow using data rooms, which give potential investors the detailed information they need to make an informed decision.
A task management tool within your data room can make it easier to manage projects. It lets you keep on top of the tasks, topics for Q&A, and document uploads. You should choose a service that provides this feature, and lets you to customize the frequency of use through their dashboard. You’ll also want a supplier that allows flexibility in their subscription plans, so that you can alter your plan easily as your needs change. This ensures continuous service and peace of mind.