A data room is an online storage space for documents and files from the business that are securely shared with third-party organizations. They are typically used in the due diligence process of an upcoming deal, but technological development and remote working mean they are becoming increasingly used throughout the entire business cycle from divestitures to fundraising to internal file sharing and storage.

It is essential to invest some time in the planning phase to decide how you intend to use your data room and which features will be most beneficial to your business. This will avoid unexpected costs or waste of time and ensure that the appropriate level of functionality is in place to meet your specific requirements.

Selecting the right data room provider will also save you time and money. As opposed to physical rooms data rooms require a lower operating budget since there is no need to hire an appropriate location or pay for security companies to monitor the room throughout the hours. Furthermore, if you’re dealing with an abundance of users coming from different locations and time zones it’s worth choosing a provider that offers 24/7 support so your employees can receive the assistance they require when it matters most.

A key feature is the ability to quickly access reports detailing the activities of users – who downloaded the documents, at what time and whether they were printed or downloaded. These reporting tools are useful from a management and security perspective as they provide a summary of the activities of users that can be used to help inform future data room planning and implementation.

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