Data room features are a valuable instrument to help companies streamline business processes, save resources and improve collaboration and communication timely. They also provide peace of assurance advice from a security point of view, ensuring sensitive information is safe. There are also many other benefits.
Making and completing transactions requires a thorough review of thousands of documents, whether it’s due diligence, M&As or tenders, or capital raising. It can be challenging and time-consuming to search through thousands of documents, especially when the information is private. A data room can aid with this by providing a secure platform for examining and uploading documents. It also allows organisations to manage access permissions and provide a searchable index of the uploaded files.
A good data room has an intuitive and user-friendly drag and drop file upload feature. This means users can upload and view documents with ease while administrators can quickly review usage of the data room by utilizing a comprehensive group overview report. This will provide a quick overview of the activities in each workspace, including the number of users who are invited and logged in and who has access to or submitted documents, questions posted and more.
A redaction tool is yet another important feature, which allows users to block out any text within documents. This is particularly useful if you are required to read through several documents, as it eliminates the need to manually search through each document. A well-designed data room will also come with a fence view feature that allows users to only see a specific part of a document that they are hovering over. This prevents sensitive information from being viewed by anyone who is not authorized.