Unlike everyday tools for sharing files, data room software is specifically designed to handle sensitive company information. Therefore, it should be secure, with high-level encryption in transit and while at rest, and also include bank-level security features such as document watermarking and audit trails, as well customizable permission settings. Data rooms should also be able to provide users with user access rights that are easy to manage, to ensure that users only access the documents that they are required to see and not see any other unneeded or sensitive documents.
The best choice for a virtual data room software will also depend on the storage capacity you need and what kind of collaboration tools you need. It is important to select an option that provides enough storage and offers flexible plans that allow you to upgrade or downgrade when your requirements change. A good data storage space will allow you to download all the data set in a ZIP file, and save it to your computer for future use.
To ensure that due diligence is done efficiently, it is advisable to make use of a data room that has a powerful and user-friendly tool for document management. This should enable you to sort and categorize documents according to department or function. It will also allow you to make a checklist using a template to ensure you’ve got all the required documents within an agreement.
A top-rated data room will also include an effective redaction tool that allows users to remove sensitive information in all documents. This reduces the chance of mistakes and improve the speed and efficiency with the way documents are reviewed. The best data rooms will also offer insightful insight dashboards for monitoring the activity and providing trends.