When companies think about a virtual data rooms, they think of M&A deals policies audits, fundraising and other long-term projects. These projects require real-time collaboration, the exchange of confidential documents between different stakeholders, as well as an immediate due diligence process. With this in mind, let’s take a look at some of the most frequently used data room features:
Q&A modules
In the course of an M&A transaction, both parties will frequently have questions regarding specific aspects of the company and its operations. A useful Q&A tool can enable both parties to ask questions and receive answers in a structured manner while keeping confidential information confidential.
Customization
Some data rooms allow you to modify the platform by adding dashboard images as well as login page backgrounds. This allows businesses to keep their brand. This personalization can be an important element of creating an attractive first impression and bringing teams together around the company culture.
Drag and drop files to upload
High-end VDRs can allow you to drag and drop multiple documents into the data room at a time, streamlining the upload process and saving some time. Some VDRs provide a “scroll-through” feature https://dataroomdev.org/tackling-security-concerns-in-mergers-and-acquisitions/ that makes it easier for users navigate through the index of documents. Data rooms generally support a wide variety of file formats, including Microsoft Word. This allows users to work with files in the VDR. Some also offer optical character recognition, which makes it easier to search for text in PDFs and other image-based documents.