Most people think of data rooms as the due diligence process during an acquisition or merger but they’re also used for other business transactions, such as fundraising or initial public offerings (IPOs) and legal instances. If you’re looking to save or share confidential documents in a secure environment or speed up due diligence for any kind of business deal, you’ll need to find the right virtual data room management software that meets your needs.
One feature worth looking for in a VDR is a robust search tool that will locate any document in a matter of minutes. It should include a range of filters and features like tags, labels, optical character recognition (OCR) and auto index numbering. Additionally, it should allow users to download an encrypted PDF of any document with a single click.
You should also look for a tool that allows you to customize the appearance of your data room and include a watermark that you can customize that is displayed on each document when it’s printed, downloaded or looked at. You can prevent the practice of screenshotting, as well as other violations of privacy and security.
In addition, a well-designed data room should include an application for managing tasks that lets you assign editing and reading tasks to other users. It should give a complete view of each task and its status to monitor the progress of your work.