Traditionally, when companies have to display documentation for projects such as an acquisition or IPO, they have been bringing investors in to look over the documents in a data room. This kind of transaction is extremely time-consuming for everyone involved especially when there are hundreds of files to be reviewed. This is why more and more companies are choosing to utilize virtual data rooms to present their documentation.
Online data room software lets users collaborate in real-time on documents and projects. Apps allow users to access documents on their mobile devices. They can also control their access rights by setting or limiting certain access levels to documents based on their job. Online data rooms also allow users to add digital watermarks to appear on all documents that are viewed, printed or downloaded.
It permits administrators of data rooms to keep track of who has accessed which files when, and for how long. It also helps to prevent data breaches, by ensuring a secure location for the exchange and storage of documents. Another feature that is highly advanced is redaction. It is a handy tool to have in case you need to erase images, text, or certain parts of documents. Some VDRs provide this functionality in different formats, such as PDF, docx and txt PPT jpg gif. Another option is Q&A reporting which allows you to keep a record of all the questions and answers you have during your virtual data room project.