Choosing Data Room Software
The best software for data rooms does not require a steep learning curve. This feature is especially important for companies and teams who want to focus their time achieving the goal of a deal or a transaction, rather than acquiring the latest tool. Many providers offer templates, checklists and playbooks to assist users organize and work effectively. Some have even advanced features such as iDeals Sync to allow for seamless integration with corporate file storage systems. Advanced tags, search filters and optical character recognition tools make it simple to locate any document within seconds. Other features that are common include automatic index numbering and dynamic watermarks which appear on top of every uploaded document after viewing or downloading, and activity reports that indicate who has accessed what documents for the length of time.
The iDeals virtual room offers numerous security features which protect confidential information including two-factor authentication and customizable NDAs. It also offers bulk user invitation options. It also enables users to cut out text, images or certain areas of a document and enable document access restrictions based on the time and IP addresses.
Q&A reporting allows administrators to review all comments, questions and responses received by experts during the course of an agreement or project. They can easily assign answers to other experts and alter the workflow. The data can also be exported to Excel for easy access.