In the last few years, technology for data rooms has advanced at a rapid pace. Businesses are using it to facilitate one-time transactions and regular deal-making. These new platforms have taken over the deal-making industry and have replaced traditional channels of communication like phone calls and face-to-face meetings. It’s important to know how these tools function to get the most benefit and avoid any negative effects.
A virtual data room provides an encrypted repository to store and share documents in an easy-to-use interface. Many providers provide more than just document management and organisation features. They also provide additional tools to help the due diligence process go smoothly. You can choose a pre-designed request template assign work, chat with other users and collaborate, as well as create a user access and permissions profile to ensure that confidential information only reaches those who require to see it.
Redaction tools are yet another important feature to consider. A trusted redaction tool enables users to quickly and effortlessly remove sensitive information from your files without the need for manual review. Manually removing data is long and time-consuming, which increases the chance of missing a single or a number of instances. This could have a major impact on the outcome of a deal.
Another factor to consider is the capacity of storage and this is generally dependent on the number of files and the size of each file. iDeals is a flexible and robust solution that can keep up to 25TB of files and provides a range of tools to assist with due diligence. This includes the ability to view documents with no plugins in their native format, scroll-view functionality, and multilingual support.