Many people think of data rooms when they think of due diligence, which is the procedure that aids in the legal and financial negotiation of a deal by two or more parties. However, the technical development of these platforms means that they are now also increasingly being used for the full range of business transactions such as divestitures, fundraising and even restructuring.
The best virtual datarooms have an array of security and document management features that make transactions of all kinds. They typically include auto indexing and bulk uploads which help to create a sturdy file structure quickly. They also feature an integrated search function that incorporates various criteria to deliver rapid and precise results. Some have a ‘fence view’ function that blocks out certain areas of a file to prevent unauthorised downloads or screenshotting. The most trusted providers have access security features such as multi factor authentication, granular user access rights and time and IP restriction.
Certain vendors provide integration with artificial intelligence or machine learning (AI) tools that could assist during the due diligence process by reducing the number of documents that have to be reviewed. This is particularly useful when dealing with long or complex documents.
Other essential technologies available in the most trusted data storage facilities include drag-and-drop interfaces, multilingual support, OCR and preview of files as well intelligent AI categorization. These capabilities make navigating and navigating large volumes of data much easier, especially when it is in multiple languages.