Traditionally, when companies have to show documents for projects like an acquisition or IPO in the past, they’ve been bringing investors in to review the files in a physical data room. This type of process is extremely time-consuming for everyone involved particularly when there are hundreds of files to be reviewed. Many companies are using virtual datarooms for presenting their documents.
Online data room software lets users collaborate in real-time with documents and projects. Users can even access documents on the go using an app. They can also manage their rights by granting or limiting specific access levels to documents based on their job. Furthermore online data rooms permit them to include digital watermarks which will appear on any file that is downloaded, viewed or printed.
This allows the administrators of data rooms to monitor who has access to what file, at what time, and for how long. It can also help secure data by providing a secure space for the exchange of documents. Another great site feature that is highly advanced is redaction. This tool can be useful in the event that you want to delete images, text or particular areas of a document. Certain VDRs provide this feature in various formats, including PDF, docx, TXT, PPT jpg gif. Another option is Q&A reporting which will enable you to keep track of all the questions and answers during a virtual data room project.