While Dropbox and Google Drive are great for sharing files, data rooms have more advanced features. They are specifically designed to share documents in an conditions that are extremely secure. They are able to provide advanced security features, such as auditing capabilities and watermarking that ensures that only authorized individuals are able to access and download important documents.
A virtual dataroom permits both parties to carry out due diligence, using a workflow that is managed for each document. This ensures that confidential information about business, such as financial performance or patents, is only seen by interested buyers. Any conversations are also kept on the platform. It also helps in preventing leaks and minimizes the risk of sensitive information falling into wrong hands.
The logs of activity audits are another important aspect of a data room. They give a complete overview of who accessed the document and when. This allows M&A teams to monitor interest levels and determine whether to pursue negotiations or move forward. Moreover, data room reports can help keep teams in order by providing a summary of group activities (e.g. Who has logged on and who has viewed or edited what documents, and when?
A virtual data room allows users to sort through a huge number of files by utilizing a powerful search engine. This includes full-text search, Optical Character Recognition, filtering by label, a wide range of logical operations and more. The ability to automatically number and index folders and documents makes it easy to find and organize large quantities of data.
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