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Data room features are an effective instrument to help companies simplify business processes, save resources and enable collaboration and communication to be more rapid. They also offer peace of mind from a security standpoint and ensure that sensitive data is safe. But, there are other advantages that go far beyond these.
It doesn’t matter if it’s due diligence, M&As, tenders or capital raising, preparing for and completing the transaction may require sifting through thousands of documents. It can be difficult and time-consuming to search through thousands of documents, particularly when the information is private. A data room can be a useful tool for this as it offers a secure space to review and upload documents. It also enables organizations to manage access rights and provide an indexable database of all uploaded files.
A well-designed data room includes an intuitive and user-friendly drag-and drop upload feature. Users can upload and view files without difficulty, while administrators can look over the usage of the dataroom with the use of a comprehensive report solution. This will provide a snapshot of the activity in each workspace. It will also show the number of users who have been invited and are logged in and have accessed or submitted any documents, asked questions, and much more.
A redaction tool is a second important feature, which allows users to remove text from documents. This is particularly helpful when the documents are large and need to be reviewed, since it takes away the tedious task of manually going through every document. In addition, a great data room features a fence view function that enables users to see only the part of the document that they are hovering their cursor over, thereby preventing private information from being read by anyone who is not authorized.