Most people associate a data room as part of due diligence in the event of a merger or acquisition, but they have much more practical applications too. In fact, many life science companies use them to manage everything from managing clinical trials to HIPAA compliance to licensing IP and storing patient records.
Virtual data rooms let you securely store and share documents with authorized users anywhere in the world. You can set access and permission limitations to limit who is able to view which files, so you don’t run the risk of confidential information getting into the unintentional hands of the.
You can also access your information on any device, including your tablet or smartphone. This means you can review documents and collaborate with team members wherever you are – thereby saving time and money on travel expenses. You can host a virtual investor roadshow by using a dataroom. This will provide potential investors all the information they need to make a final decision.
When it is time to manage the project tracking tasks, Q&A threads and uploads to documents is much easier if your data room is equipped with a task management tool. Look for a provider which offers this and allows for customization in terms of frequency via the dashboard. You should choose a provider that offers flexible subscription packages, so that you can easily change the package you choose to use as your needs change. This will ensure continuity of service and peace of mind.