When people think of a data space, they immediately think of the due diligence process that supports the financial and legal negotiation of an agreement between two or more parties. However, the advancement in technology of these platforms means that they are more often being used to facilitate an array of business transactions, including fundraising, divestitures and even restructuring.
The best virtual datarooms have a variety of document management and safety features that make transactions of all kinds. They typically offer auto indexing and bulk uploads that help to create a sturdy file structure quickly. They also come with a search feature that blends several criteria to provide fast and accurate results. Some also have a ‘fence view’ feature that blocks out portions of a file to prevent unauthorised downloads or taking screenshots. Most reliable providers offer access security features like multi-factor authentication, granular permissions for users, and IP and time limitations.
Certain vendors offer integration with machine learning or artificial intelligence (AI) tools that can help during the due diligence process by reducing the number of documents to be analyzed. This is particularly helpful when dealing with long or complex documents.
Other key technologies that are offered in the most reliable data rooms include an interface for drag and drop and multilingual support OCR and preview of files as well intelligent AI categorization. These capabilities make it simpler to navigate and search huge volumes of data, especially when they’re in multiple languages.