A secure data room is a place where stakeholders can discuss and share sensitive documents. These rooms are commonly utilized in the due diligence phase of M&As or IPOs, and also private equity agreements. A secure virtual dataroom facilitates collaboration between teams as well as on projects. The cloud-based platform also eliminates the need to transport sensitive documents from one place to another, thereby reducing the risks to security and costs associated with travel.
The best virtual data rooms provide an efficient document management system with a user-friendly interface, and granular control of permission settings to protect sensitive information. They also offer a robust audit trail to ensure transparency. They can also be integrated with a range of applications, making it possible for users to access the data they require from a single place.
Search for a secure virtual room for businesses that has two-step authentication, granular permissions for users, dynamic watermarking and remote shredding. This will prevent distribution by unauthorized parties, and ensures that only authorized users are able to access or download files. Some vendors also provide a multi-user login option so that users can log in with just one set of credentials, which could save time and effort for all involved in the project.
Find vendors who offer auto-indexing and bulk uploading. Also, make sure they offer fence view, document expiration, and bulk uploading. They should also let you import files from storage platforms such as Google Drive, Dropbox and Box. They should also be able to monitor the file’s activity and provide detailed reporting. They should also be able to support optical character recognition for images and PDFs.