Data room technology has been developing rapidly over the past few years and is now being used by organizations to facilitate one-time transactions and regular deal-making. These new platforms have replaced the traditional deal-making system and replaced traditional communication channels like phone calls and face to face meetings. It is important to know the way these tools work to benefit from the advantages they offer and avoid any possible negatives.
A virtual data room provides a secure repository to document storage and sharing through an user-friendly interface. Apart from documents management and organization features as well, many providers offer a range of additional tools to help make the due diligence process run smoothly. You can choose a pre-designed request template, assign work or chat with other users and collaborate, and create the user’s access and permissions profile to ensure that information is secure and only gets to those who need to have access.
Redaction tools are an additional feature to consider. A trusted redaction tool enables users to quickly and effortlessly remove sensitive information from files without the need for manual review. Manually removing data is long and time-consuming, which increases the possibility of missing a single or several instances. This could have a major impact on the outcome of a deal.
Storage capacity is another consideration and is usually determined by the number of files aswell as the size of each one. iDeals is a flexible and robust solution that can hold up to 25TB of storage and provides a range of tools to assist with due diligence. This includes the possibility of viewing documents in their native format, without plugins, scroll-view capabilities, multilingual support and a mobile user interface.