Traditionally companies have sent investors to a data room to review files in connection with a project like an acquisition or IPO. This type of process is extremely time-consuming for everyone involved, especially when there are hundreds of files to be reviewed. More and more companies use virtual datarooms to display their documents.
Online data room software lets users collaborate in real-time on documents and projects. Users can also access their documents on the go using an app. They can also manage their access rights by giving or restricting specific levels of access to documents based on their job. Online data rooms also permit users to add digital watermarks to appear on any files that are printed, viewed or downloaded.
This allows the administrators of data rooms to track who has accessed what file, when and for how long. It can also help to prevent data breaches by providing a secure space for exchange of documents. Redaction is yet another advanced feature. This is a great tool to have if need to redact images, text, or certain portions of documents. Certain VDRs offer this feature in a number of formats such as great site PDF, Doc or txt. Others include ppt, txt jpg and gif. Q&A reporting is another feature that lets you keep a the list of all questions and answers in a virtual dataroom.