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Virtual data rooms are not one-size-fits-all. This is because the features in the virtual dataroom are designed to support specific kinds of documents and a particular business process. For instance, certain data rooms specialize in M&A due diligence, while other provide tools to aid other business operations like tenders and capital raising.
There are tools universal to all that are necessary for all data rooms regardless of their intended function. One of these features is search capabilities. Whether you need to quickly locate information in one document or an entire folder, a robust search function can help you.
Another feature that is frequently used is access control. In order to maintain the integrity of documents, you must have the ability to design a hierarchical structure which allows users access to individual files, as well as to entire sections of a repository. It also ensures that you can monitor the activity on the website by determining who accessed what file and at what time.
The ability to label documents and folders is crucial for organizing documents and making them easy to locate. You can do this by creating folders according to the level of confidentiality, the project stage, or department. You can also take an approach that is top-down and group files by type.
For instance, you might want to create a folder for each property that your company owns. You can upload documents like inspection reports as well as sales agreements and photographs of the property in this folder. This allows potential buyers to quickly look over the information, without the need to download or upload multiple documents.
