How many times do you see software with a multitude of features for various processes? For instance, you can use Zoom for online meetings, but it doesn’t help you manage your data. However, software like virtual data rooms gives you the luxury of managing multiple things in place.
Virtual data room software is a digital platform that primarily automates the data management process for any kind of organization or professional. Using data room software, you can digitally move, store, share, edit, archive, annotate, print, alter, organize, and protect business information without requiring any additional application.
That’s not it; an electronic data room does way more than that. Following are some standard and unique features that virtual data room providers offer in their products.
Virtual data room security
Digital protection is the primary pain point that all data room vendors target particularly. Apart from basic security features like two-step verification or NDAs, the following features make data room security stronger.
A user will have to go through more than a two-step verification process in case the AI-backed system in VDRs detects suspicious activities. For example, a multi-factor verification may ask the user to identify previous steps performed by them in the VDR even after using the correct password and a temporarily generated code.
256-bit AES SSL encryption
Data encryption is a common feature, but 256-bit AES SSL isn’t. Currently, it is the strongest encryption in the world which you can use to store and share documents within and outside the online data room software. Such a powerful encryption feature is used by militaries and investment bankers.
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Fence-view is one of the most amazing features in virtual data rooms. It not only prevents users from performing any function (editing, saving, deleting, etc.) on the file, but they can hide any section, line, sentence, or paragraph in the document. Any user cannot even take screenshots of the documents opened in the VDR.
It is another remarkable feature that allows you to revoke access to any document within a few seconds. Also, if you set the timer, document access will be revoked as soon as the time is up.
Other notable security features include digital watermarks, virus scanning, audit logs, comprehensive data room reports, restricted viewing, and group permissions. iDeals data rooms have eight permission levels, which is rare.
Virtual data room usability features
It is not just the security; high-end data room services provide you maximum ease at every stage. Here are some usability features in VDRs.
Unlike email services or other data storage websites, you can simply drag one or more files and drop them directly into the VDR.
Few data room vendors even allow you to customize your VDR’s interface according to your brand identity. For example, you can choose your favorite color, insert a logo, customize fonts, etc.
Advanced text search
How would you find a specific file if you don’t remember its name? Thanks to the advanced text feature in digital data rooms, you can locate any file by simply using specific keywords or phrases related to the document. The VDR will show you all possible outcomes based on the keyword you use.
Bulk uploading features make it possible to upload, import, or export a large number of files or folders in a single attempt. This feature is handy when preparing multiple data rooms for due diligence.
Scroll-through file viewer
The scroll-through file viewer gives you the option to scroll through multiple files in the same folder while keeping one document open.
Q&A modules or sections allow users to have a real-time Q&A session. Q&A section becomes mandatory during transactions like M&As, fundraising, and similar transactions.
A few data room solutions have built-in file viewers, but you can integrate Microsoft Powerpoint, Excel, Word, and other applications in your data room.
Data rooms are universal solutions that are available in major global languages like English, German, French, Spanish, Chinese, etc. iDeals virtual data rooms support 14 languages.
Advanced online data room features
The following features are rare in data rooms, even the notable ones. It is great if you have such features in your VDR.
Smart search is more like an updated version of a scroll-through file viewer. That said, you can get a detailed preview (snipped view) of any document without even opening it, thus allowing you to examine more files in less time.
Built-in Excel viewer
Built-in Excel viewer is not a common feature in VDRs. Top-tier data rooms like iDeals have built-in viewers and editors for document and excel files to make sure you don’t have to leave the platform for another application.
You can schedule, prioritize, and manage your and your team’s tasks efficiently.
In this article, we presented you some of the most notable features for data room security and collaboration. In particular, these include:
|256-bit AES SSL encryption
|Advanced text search
|Built-in Excel viewer
Other advanced features include Slack integration, real-time data analytics, audit trails, etc.
Some of the best data rooms offering both basic and advanced data room features include DealRoom, Merrill, Digify, ShareDocs, and iDeals. However, we suggest conducting your own research and comparison for making an informed decision.