Data room technology has been developing at a rapid pace over the last few years, and is now being used by organizations to facilitate single-time transactions as well as regular deal-making. These new platforms have taken over the deal-making scene and have replaced traditional communication channels like phone calls and face to face meetings. It is essential to understand how these tools work to ensure you get the most out of them and avoid any negative effects.
A virtual data room is an secure storage space to keep and share documents through an user-friendly interface. In addition to offering the ability to manage and organize documents Many providers also offer various additional tools to help make the due diligence process run smoothly. You can use a premade request template assign work, chat with other users and collaborate, as well as create the user’s access and permissions profile to ensure that information is secure and only reaches the people who need to see it.
Another important feature to look for is redaction tools. A trusted redaction tool allows users to remove sensitive data quickly and easily from files without having to review them manually. Manually removing data can be laborious and increase the possibility of omitting a single or multiple instances that could have a significant impact on a deal outcome.
Another factor to consider is the capacity of storage and this is generally dependent on the number of files as well as the size of each file. iDeals is a flexible, robust solution that can store up to 25TB of data, and offers a variety of tools to help with due diligence. This includes the ability to view documents with no plugins in their native format, as well as scroll-view capabilities and multilingual support.