Online data rooms are a cutting-edge software that allows for the secure sharing of documents across various business processes. They can be used for M&A, legal and real estate transactions Clinical studies, and many more. There are many vendors to help companies with their data room needs. One of the most popular solutions for data rooms include iDeals Citrix Datasite.
The best virtual data rooms are easy to use, provide users with granular permissions and allow the use of advanced features such as AI redaction optical character recognition, search filters, auto indexing, dynamic watermarking, file siloing in private cloud servers as well as multi-factor authentication. The ability to tailor the data room to your requirements and the option of creating and modify a due diligence checklist are also important. The best virtual data rooms also come with an administrator for clients that makes it easier to manage the process of setting up and managing the room.
The right dataroom online will also allow you to arrange documents into folders that are based on the topic of each folder. The system will then assign numbers and indexes to the documents for you. This enables you to discover documents in a matter of minutes and reduces time spent on data entry. Other features that are useful include drag-and-drop and bulk upload as well as search engines that are efficient and accurate and a Q&A module to help you structure and organisation during a due diligence phase and the option to set up access hierarchies based on specific users and groups. Activity reports and a custom dashboard are vital for monitoring document usage.