Data room features can be a powerful tool to help businesses simplify business processes, save resources and make collaboration and communication more rapid. They also provide peace of assurance from a security point of view by ensuring that sensitive information is protected. There are many other advantages.
Whatever the case, whether it’s due diligence M&As or tenders, or capital raising preparation for and closing any transaction requires sifting through a myriad of documents. It can be difficult and time-consuming to search through thousands of documents, particularly when the information is confidential. A data room can be a useful tool for this as it provides a secure and safe environment to upload and review documents. It also allows organizations to manage access rights and offer a searchable database of the uploaded files.
A good data room has an intuitive and user-friendly drag-and drop upload feature. This means users can upload and view documents with ease while administrators are able to quickly check the use of the room using a comprehensive group overview report. It will show a snapshot of activity in every workspace, including the number of users who are invited and logged in and has submitted or accessed documents, asked questions and more.
Another feature that is important is a redaction tool, that allows users to selectively block out certain text within the document. This is particularly helpful when a large number of documents require review, since it reduces the time-consuming task of manually navigating through every document. A good data room should also have a fence view feature that allows users to only see the specific portion of a document they’re hovering over. This prevents sensitive information from being reviewed by unauthorised parties.
