When companies think about a virtual dataroom, they often think of long-term projects such as M&A and policy audits and fundraising. These projects require real-time collaboration with the exchange of confidential documents between multiple parties, and an efficient due diligence process. With this in mind, let’s look at some of the most common data room features:
Q&A modules
During an M&A transaction, parties will often have questions regarding certain aspects of the business and its operations. A useful Q&A tool can allow both parties to the deal to ask and receive answers to those questions in a structured manner, while still keeping confidential information private.
Customization
Some data rooms allow you to modify the platform by incorporating dashboard images and login page backgrounds. This lets businesses maintain their brand. This can help make a professional impression and connect teams around the company culture.
Drag and drop uploads of files
Some VDRs are so advanced that you can drag and drop multiple documents into the data room all at once, easing the upload process and saving time. Some have the “scroll through” feature to make it even simpler for users to navigate through the index of documents. Most data rooms also offer a variety of file formats including Microsoft Word. This allows users to work with files stored in the VDR. Some also have optical character recognition, which makes it easier to search for text within PDFs as well as other documents that are based on images.