Traditionally companies have invited investors to an information room to look over files in connection with a project such as an acquisition or IPO. This kind of transaction is extremely time-consuming for everyone involved particularly when there are hundreds of files to be reviewed. This is the reason why more and more companies are choosing to use virtual data rooms to display their documentation.
Online data room software lets users collaborate in real-time with documents and projects. Users can also access documents on the go using an app. They can also manage their access rights by either restricting or granting specific access levels to documents based on their role. Online data rooms also permit users to add digital watermarks that be visible on all files that are viewed, printed or downloaded.
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 location for the exchange of documents. Another advanced feature is redaction. This tool is useful when you need to erase images, text or even specific parts of a file. Some VDRs provide this functionality in a variety of formats such as PDF, Doc, txt, ppt, GIF and jpg. Another feature is Q&A reports, that allows you to keep a record of all questions and answers during a virtual data room project.
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