Online data rooms are ingenuous software that is designed to assist by securing the sharing of documents throughout various business processes. This includes M&A, legal and real estate transactions, clinical studies and more. There are numerous vendors who are willing to assist companies with their data room needs. Some of the most well-known solutions are iDeals, Citrix and Datasite.
The best virtual data rooms are simple to use, have the user with more control and permit the use of advanced features, such as AI redaction optical character recognition search filters such as auto indexing, dynamic watermarking, file siloing in private cloud servers and multi-factor authentication. It is also important to be able to customize the dataroom to suit your preferences and to be able to build an due diligence checklist. The best virtual data rooms also come with an administrator for clients that makes it easier to manage the management and setup of the room.
The right online dataroom will also let you organize documents into folders that are based on the topic of each folder. The system will then automatically index and number them for you making it possible to find documents in seconds and cut down on time when entering data. Drag-and-drop, bulk uploads, an efficient and precise search engine, a Q&A Module to organize and structure a due diligence phase and the possibility to create access hierarchies on the basis of specific users and groups are all useful features. Activity reports and a customised dashboard are essential for assessing the usage of documents.