Online data rooms are innovative software that allows for the secure sharing of documents across different business processes. These include M&A, legal and real estate transactions as well as clinical studies, among others. The market is overflowing with vendors who are willing to assist businesses with their data room requirements. Some of the most sought-after solutions are iDeals, Citrix and Datasite.
The best virtual data rooms are simple to use, provide granular user permissions and enable the use of advanced features like AI redaction optical character recognition, search filters such as auto indexing, dynamic watermarking, file siloing within private cloud servers as well as multi-factor authentication. It is also important to be able customize the dataroom according to your needs and to be able to create an inventory of due diligence. In addition, the best virtual data rooms come with clients’ managers, which makes it easier to start up and managing the data room.
The right dataroom online will also allow you to organize documents into folder structures according to the topic of each folder. The system will then index and number the documents for you. This lets you find documents in seconds and saves time on data entry. Drag-and-drop, bulk uploads speedy and precise search engine, a Q&A Module for organization and structure during a due diligence phase and the option to create access hierarchies based upon individual users and groups are all helpful features. A customizable dashboard and activity report is essential for monitoring usage of documents.