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What to Look For in Data Room Technology

In the past few years, data room technology has advanced at a rapid rate. Companies are using it to facilitate one-time transactions as well as regular deal-making. These new platforms are dominating the market for deal-making and have replaced traditional communication channels such as telephone calls and face-toface meetings. It’s crucial to know how these tools work to ensure you get the most benefit from them and avoid any negative effects.

A virtual data room provides an secure storage space to save and share documents using an user-friendly interface. Many providers offer more than just document management and organization features. They also offer additional tools to help the due diligence process run smoothly. This includes the capability to make use of a pre-made template for a request to delegate work responsibilities and chat with other users, and also create a custom user access and permission profile to ensure that sensitive information is only visible to those who require it.

Another feature you should look for is redaction tools. A trusted redaction tool enables users to quickly and efficiently remove sensitive information from documents without manual review. Manually removing sensitive information can be time consuming and increase the risk of missing a single or multiple instances. This could have a significant impact on the outcome of any deal.

Another aspect to consider is the storage capacity which is dependent on the number of files as well as the size of each file. iDeals is a flexible, robust solution that can hold up to 25TB of storage and offers a range of tools to aid in due diligence. This includes the ability for users to view documents even without plugins in their native format, scroll-view capabilities and multilingual support.

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