The majority of people think of data rooms as due diligence processes during an acquisition or merger, however, they are also used for other business transactions, such as fundraising or initial public offerings (IPOs) and legal procedures. When you’re looking to archive documents, share and collaborate on confidential documents in a secure environment or speed up due diligence for any kind of business transaction, you’ll need to find the best virtual data room management software that meets your needs.
One of the best features to look for in the VDR is a powerful search tool that can find any document in just a few seconds. It should have a variety of filters and features such as tags, labels as well as optical character recognition (OCR) and auto index numbering. In addition, it should allow you to download a secure PDF of any document in one click.
You should also search for a tool that lets you alter a data room’s appearance and add a customizable watermark that is displayed on each document when it is printed, downloaded or viewed. You can prevent the practice of screenshotting, as well as other violations of privacy and security.
A good data room will include the ability to manage tasks that allows you to designate external users to read and edit documents. It should give you a complete overview of each task and its status, so that you can monitor the progress of your work.