What Data Room Features Should You Look For in a Data Room?
As a business owner you’re likely to require the highest level of security for your private data and documents. This means having a virtual office with high-level encryption and auditing features and robust security features to prevent unauthorised access to your documents. This includes password protection, user authentication and multi-factor identification.
Take into account your storage space and the size of a data room based on how many documents and files you’ll upload. Some data room solutions offer electronic signatures that can save time by cutting down on the time required to get NDAs signed before allowing third parties access to your intellectual property and financial data.
A comprehensive search tool that lets you find specific information in all documents within a collection of data is also a useful feature. This is particularly helpful in the event that you’ve uploaded lots of PDFs to the repository but don’t want to waste time scrolling through them all manually. Search filters and optical character recognition could also help streamline your work.
You’ll need a reliable tool to redact sensitive data from documents. This will enable you to quickly and effectively remove it. Manually deleting this type information could be prone to errors and result in a single or multiple instances of being left unnoticed – which could have a devastating impact on the outcome of the deal. Automated redaction will ensure that only the necessary information is made available to potential buyers and will ensure that your team’s time spent working efficient.