Data Room Software – What to Look For in a Data Room Software Provider
The capability to manage large volumes of files is one of the most important requirements for software that manages data rooms. This is usually demonstrated by the number of tools offered by the service provider like multilingual searches (about 16 languages), OCRs files, file previews, smart AI categories and translation of documents. A good service provider should provide a variety of viewing options, that allow users to view documents in either their own formatting.
A reputable company will employ the most advanced encryption technology to secure confidential data. They should also have a 24-hour multilingual user helpline and dedicated customer service representatives who can assist with rapid project startup, best practice implementation and speedy due diligence procedures.
For instance, some providers offer the possibility to sync shared folders, desktops and FTP with the virtual data room, which makes it easy to upload and download any file. Other providers have an automatic naming scheme which makes it easy to arrange and locate files. The top providers also allow you to set different access permissions for viewing, print and secure PDF downloads, as well as customized watermarks that display the user name, IP address and the date and time of the document viewing.
A good VDR should include built-in NDAs that can be automatically applied to all users to prevent the unauthorised disclosure of information. It should also include an extensive auditing system that lets users go into detail and find out what was done (documents and users) when, and in what order.
