It is impossible to make a crucial business decision without all the details. In the past, getting that info meant combing through many thousands of highly private documents – a task which posed a serious security risk and could cost businesses dearly in terms of lost opportunities, hefty lawsuits, and even more.
Modern alternatives include a virtual space, which is a secure place to share and store data documents, images and documents with those who require it (such stakeholders in a M&A deal). They can be used to carry out due diligence for an acquisition or tenders, or capital unlocking data analysis potentials with virtual data storage raising or any other major business transaction. They can store everything from financial reports to technical drawings and patents in a secure, controlled environment.
With access permissions that are flexible and can be set at the document and folder level unlimited users can work on the platform without risking data integrity. A powerful search feature allows users to quickly and easily locate the information they need. Internal team messaging tools can make it easier to switch between various applications, which can increase productivity during due diligence.
In addition, redaction tools can be invaluable to keep sensitive information from falling into the wrong hands. Manually deletion of large documents can be a time-consuming process and also increases the chance of omitting a single or multiple instances. This could have a major impact on the outcome of a transaction. Choose a service that offers a flexible plan that can be adjusted according to your requirements.