Online data rooms are virtual storage facilities that house documents and other information. They can be accessed online, typically using passwords. Often used in M&A transactions, they let both parties share and review documentation. As compared to physical data rooms they can offer savings on hardware, a search function and security for sensitive data.
When choosing a dataroom that is online be sure to consider the capacity of the room and how easy it is to upload and download files. Text documents are smaller than technical drawings or high-resolution images. Some data rooms online allow you to compress your files in order to save space.
The best virtual data room also comes with tools for collaboration, and a user-friendly interface. Additionally, they have a dedicated support team for their products ready to help when needed. They can help with creating access permissions, enabling document watermarking and provide guidance on how to use the online data room.
Find online datarooms that let you export your data in an encrypted format. This makes it easier to transfer data to a different service in the event of merger or termination of a project.
It’s also worth looking into whether a data room that is online has a flexible plan for subscriptions to accommodate changing business requirements. The ability to modify the number of users, the folder structure, or security settings without the need for an extended contract will give you peace of mind that your data room will be able to meet future demands.