What Features Do Virtual Data Rooms Offer Beyond Document Storage?

A virtual data room (VDR) platform stores and allows businesses to share sensitive information in the cloud. VDRs offer features ideal for various industry uses, including dealmaking and team collaboration. Here are five features of a virtual deal room that go beyond document storage:

1. Document Security

A virtual data room offers robust security features that allow businesses to know that their data is secure. These tools protect the document when viewing or downloading. Here are some features of VDRs that protect data:

Fence View

By offering a restricted viewing mode, the fence view feature guards sensitive information from viewing by unauthorized parties. A user can examine files in a browser only when hovering their cursor over the portion of a file you hide using fence view. This feature prevents users from duplicating the whole page in a camera-shot assault.

Dynamic Watermarking

A watermark is a custom sign that protects documents when viewing, printing, or downloading. The mark can be an email or IP address, a company name, or a date or time. Users can add custom headers with the document name and page number to secure downloaded and printed documents.

2. Access Control

The granular access feature allows admins to control access to view, print, download, and change content based on a user’s duties. Assign view-only permission to users who should not edit or make copies of the document. 

Another way to control access is by using two-step identity verification. Only authorized users gain access to the deal room using the one-time SMS code received on their phone. Use the time and IP access limitation tools to restrict access to particular users within a range of IP addresses.

3. Document Management

Document management features streamline and speed up processes. A virtual data room can automatically arrange many files in numerical order, alphabetical order, or sequential numbering for easy access. The drag-and-drop tool makes data upload easy by allowing users to upload files from their computer to the data room with a single click. With the bulk upload tool, you can simultaneously upload any number of documents in any format or size. 

OCR technology speeds up information retrieval by applying search criteria and using the terms you enter. Advanced search tools allow users to search by exact or partial matches and logical operators. Users can also use other filters like new, viewed, and favorites. 

File labels facilitate document searching and categorization. Only administrators can manage labels. Other users can assign and remove individual labels and filter documents depending on their assigned labels. 

4. Reporting

Safeguarding documents goes beyond access and storage measures. You need user tracking and reporting tools to know what others do in the data room. Comprehensive audit trails record every user activity, allowing the team to uphold internal compliance. Audit reports may be available in Excel, PDF, and printed forms for meetings or presentations.

Group overview reports provide a thorough overview of group activities. It displays the parties invited, users logged in, allowed and accessed documents, and posted questions and responses. Using color-coding reports, determining the user groups and most frequently accessed areas becomes quick and easy. These reports enable monitoring of activities in workspaces, making decision-making easier.

5. Collaboration

A Q&A element in the data room facilitates enterprise cooperation during transactions. Use the FAQ section to pre-answer common questions during an IPO, acquisition, or merger. Interested parties, such as prospective investors, can get a thorough, searchable resource containing all the sensitive details concerning the transaction.

VDRs allow for the recording of all Q&A communications. These reports are helpful for legal considerations. You can export these contents to a spreadsheet for convenience. Assign a specific question to a competent expert, either automatically or manually. While your inquiry is pending, you can reassign or unassign it.

Seek the Right Virtual Data Room Features

Your business’s needs will determine what kind of data room features to look for. Look into cutting-edge artificial intelligence techniques that make dealing with documents quick and enjoyable if you plan to employ a data room for content management. When selecting VDR software for due diligence and mergers and acquisitions, seek superior security features because these transactions need strong data protection. Find the right data room provider for your needs today.