Online data rooms are innovative software that allows for the secure sharing of documents in different business processes. They can be used for M&A, legal and real estate transactions, clinical studies and much more. The market is currently bursting with vendors willing to assist businesses with their data rooms requirements. One of the most well-known data room solutions are iDeals Citrix Datasite.
The most effective virtual data rooms are simple to use, have granular user permissions and enable the use of advanced features such as AI redaction optical character recognition, search filters and auto indexing, as well as dynamic watermarking, file siloing on private cloud servers and multi-factor authentication. It is also essential to be able to modify the dataroom according to your preferences and to have the option to create an due diligence checklist. The most effective virtual data rooms come with the ability to use a client manager, which simplifies the setup and administration of the room.
The ideal online data room will also allow you to organize documents into folder structures based on the topic of each folder. The system will then digitize and index the documents for you. This lets you locate documents in just a few seconds and cuts down on time spent data entry. Other useful features include drag-and-drop and bulk upload and a search engine that is quick and precise and a Q&A tool for structure and organisation during a due diligence phase and the option to set access hierarchies that are based on individual users and groups. A customizable dashboard and activity report is essential for monitoring the use of documents.