Choosing Data Room Software

The most effective data room software doesn’t require a lengthy learning curve. This feature is especially important for companies and teams who wish to spend their time achieving the goal of a deal or a transaction, instead of learning the latest tool. Many providers offer checklists, templates and playbooks to assist users work methodically and efficiently. Some even have advanced features like iDeals Sync to allow for seamless integration with corporate file storage systems. Advanced search filters and tags along with optical character recognition tools let users locate any document in the space of a few seconds. Other features include automatic indexing, dynamic watermarks which appear on every uploaded document when viewed, printed or downloaded, and activity reports, which indicate who has accessed which documents for how long.

The iDeals virtual data room provides a range of security measures to protect confidential information. This includes two-factor authentication, a customizable NDA and bulk user invitation options. It also allows users to redact text or images from a document, and restrict access to a document based on IP addresses and the time.

Q&A reporting enables administrators to look up and print all questions and answers as well as any comments received from experts during the course of a deal or project. They can easily assign answers to other experts and alter the workflow. The data can also be exported to Excel for ease of use.