A data room for businesses is a secure, digital storage space where companies share confidential documents with other parties during due diligence processes. A data room is a vital tool for companies which are going through M&As and capital raising rounds as well as strategic reviews.
A good online data space has an easy-to-use interface that’s just as straightforward for the CFO, as it is for the accountant at entry level. It lets users upload and access large volumes of documentation in just a single click. The structure of the folders resembles that of physical file systems and is often logically organized to facilitate collaboration between files. Its extensive reporting and logging capabilities allow administrators to monitor who has access to which page of a document at what time.
Many data rooms provide various customization options to meet the requirements of each company. For instance, some rooms offer various deployment options (cloud or on-premise) per-storage, or per-page pricing as well as customizable logos Terms and Conditions, and general data room design and feel. They also offer a variety tools, such as drag-and drop tools and bulk uploads, as well as 25 file types, and mobile apps. Some vendors, like iDeals, are known for their intuitive features including an intuitive user interface, automated workflow processes and industry-leading functionality such as drag-and-drop, full-text search and Microsoft Office integrations. There aren’t any hidden costs or charges for additional storage or features. Customers can also try the service for free prior to making a purchase.