When evaluating software for data rooms it is crucial to look at features that allow for collaboration between team members. They should also allow accessibility at any time of the day. A dedicated support team can be reached whenever needed. Other features worth considering include a variety of security options like watermarks and a customizable access levels, secure messaging, Q&A sections activities tracking and more.
A good virtual data space will enable users to upload files effortlessly and quickly, and then categorize them into categories. They can also provide valuable analytics and reports that show a clear picture of file activity. This allows for more efficient due-diligence and helps companies save money by avoiding unnecessary meeting, document dispatch and long audits.
Data rooms can also be integrated with other applications and services. This is an aspect that is often left unnoticed. This is beneficial for all kinds of industries, but it’s especially useful for financial institutions and law firms which must adhere to strict regulations. These integrations can include cloud solutions including eSignature tools, AI, machine learning, and many more.
One provider that offers this is Box, which is a low-cost alternative for businesses of all sizes and has an easy user-friendly configuration. Its features include immediate setup, trackable hyperlinks, watching history as well as dynamic watermarks, among other things. While it’s mostly used to collaborate and create documents it could also be used as a lighter-weight Data Room for those who don’t require advanced features.
