What Data Room Features Should You Look For in a Data Room?
As a businessperson, you will want to ensure that your confidential documents and data are secure. This means having a virtual office with high-level encryption and auditing capabilities and robust security features that prevent unauthorised access to your files. This includes password protection, authentication for users and multi-factor identification.
Consider your storage capacity, and the size of a data room based on how many documents and data files you’ll upload. Some data room solutions also come with built in electronic signature functionality that saves time by simplifying the process of having NDAs signed prior to granting third parties access to your intellectual property or private financial information.
A full-featured search tool which allows you to find specific data within all documents within a collection of data is also a great feature. This can be especially helpful when you’ve uploaded a lot of PDFs to the repository but do not want to take the time scrolling through them all manually. Search filters and optical character recognition could help you streamline your work.
You’ll require a reliable tool for redaction to remove sensitive information from documents. This will allow you to easily and reliably get rid of it. Manually deleting sensitive information can be prone to errors, and you may miss the one or two instances. This could have a negative impact on the outcome of a deal. By using an automated redaction tool, you will ensure that only the required data is disclosed to potential buyers and will ensure that your team’s time spent working productive.