When it comes to making important business decisions, nobody wants to go in without all the facts. But in the past, finding that information required combing through the tens of thousands of confidential documents - an exercise that could pose a significant security risk and could end up costing businesses a lot in terms of lost opportunities, nasty lawsuits, or revolutionizing real estate document exchange via online storage worse.

Modern alternatives include a virtual dataroom, that is a safe space for sharing and storing data documents, images and documents with those who require it (such those involved in an M&A deal). They are a great tool for due diligence during an acquisition or tender process, capital raising or any major business transaction, keeping everything from financial reports to technical drawings to patents in a controlled environment.

With access permissions that are granular and can be configured at the levels of folders and documents unlimited users are able to work on the platform without compromising data integrity. A powerful search feature allows users to quickly and easily locate the information they need. And internal team messaging tools eliminate the need to bounce between different applications, and increase productivity in the due diligence process.

Redaction tools can also be beneficial to stop sensitive information from falling into the improper hands. Manually removing information from large documents can be a time-consuming process and increases the risk of missing one or more instances which could have a major impact on the final outcome of a deal. Lastly, look for a provider that offers an affordable subscription that can be amended when the needs change.