What to Look for in Data Room Management Software
Most people think of data rooms for due diligence processes during a merger or acquisition, however, they are also used for other business transactions like fundraising or initial public offerings (IPOs) and legal instances. If you’re looking for a place to store, share and collaborate on confidential documents in a safe environment or speed up due diligence in any kind of business transaction, you need to locate the perfect virtual data room management program to suit your requirements.
A good feature to look for in the VDR is a powerful search tool that will locate any document in just a few seconds. It should come with a variety of filters and features like tags, labels as well as optical character recognition (OCR) and auto index numbering. Additionally, it should allow users to download an encrypted PDF of any document with just one click.
You should also consider a tool which lets you modify the appearance of your data room and include a watermark that you can customize that is displayed on each document that’s printed, downloaded or looked at. This allows you to prevent the taking of screenshots and other breaches of security and privacy.
Lastly, a good data room should have a task management tool which allows you to assign editing and reading tasks to third party users. It should give a complete view of each task as well as its status so you can track the progress of your work.