With the passage of time, virtual data room providers have enriched virtual data rooms with modern and AI-backed features. Gone are those days when businesses used data room software just for storing vital documents.
Modern-day data room software is helping businesses with complex transactions like real estate asset acquisitions, mergers, private equity acquisitions, fundraising, etc. Al-backed data analytics allow businesses to examine the past trends and the future projections, thus helping to make more informed decisions.
Many professionals and businesses are still unaware of some of the latest virtual data room features. In fact, when you compare virtual data rooms for your business or team, always look out for the maximum of the below-mentioned features. Most of them are the basic ones, which you should not compromise at any cost, while others are optional.
Best virtual data room features to look for
1. Accessibility features
- Support for commonly used operating systems. Hundreds and thousands of businesses around the world use Windows and Linux as major operating systems. Yes, many businesses use local or less-known operating systems, but an electronic data room must support universal operating systems, including Android, Linux, Windows, and iOS.
- Support for multiple devices. A few years ago, online data room software was just accessible from desktops. Thanks to vendors’ adaptability, users can now access their respective data rooms from laptops, tablets, and mobile phones. Furthermore, data room providers offer dedicated apps for mobile phones and tablets.
- VDR access without internet. Not many users know this, but the latest versions of data rooms allow you to access documents stored in the VDR even without any internet connection.
- Availability in numerous languages. If you are not really fluent in English, it is highly possible that a virtual data room is available in your own language. VDRs nowadays support most common languages such as French, German, Chinese, Spanish, etc. Some data room services are available in more than 10 different languages, for instance.
- Integration with third-party apps. Many businesses still prefer dedicated apps like Zoom, Slack, Adobe documents viewer, Microsoft Office, etc., for different purposes. Although VDRs have their own document/file viewers or communication tools, you can still integrate third-party apps with your VDR.
2. Collaboration tools
- Video and audio conferencing. Project teams, management officials, investors, stakeholders, or remote teams can arrange video or audio meetings without using external apps. Virtual data rooms are equipped with HD audio and video calling tools, allowing up to 100 users to participate in online meetings.
- Live Q&As. Q&A sessions are often conducted during transactions with external parties or to answer queries related to ideas, proposals, or presentations. Users can start live Q&A sessions to ask questions and get answers under one thread and in real-time.
- One-to-one messaging. Users can also engage in one-to-one conversations just like they do on WhatsApp, Slack, or Messenger. Private chats allow the users to share files, audio notes, images, videos, live links, and text messages. Most importantly, one-to-one chats are encrypted.
- Online polls. Online polls are useful when management or a user wants to get opinions from a large number of users. They are also helpful in rejecting or passing a resolution or proposal.
- Shared documents. Using a VDR, you don’t have to go to GoogleDocs to create a shareable document link. Virtual data rooms allow you to create shareable documents which can be updated in real-time.
- Group discussion. Virtual data room members can start open chat threads where multiple users can add comments and reply to the comments made.
- Emails. Users can also create custom email addresses linked to the VDRs and share documents via secure emails.
3. Document and data room security features
- Document access permissions. To protect documents from internal threats, data room administrators can restrict users from accessing documents (or pages in documents), folders, or specific sections of the VDR. “View only” mode limits users from editing, printing, or downloading a restricted document.
- Two-step verification. A basic yet essential feature, two-step verification, is the first checkpoint in accessing a data room. A user can only log in by entering a dedicated password and one-time generated secret code (usually sent to the user’s email address or mobile number).
- Self-destructing documents. VDR administration or the file owner can easily revoke document access anytime with very short notice. As soon as the admin or user revokes access, the document will automatically be purged from the device.
- “Fence view” mode. Another fine document security feature that protects documents from screenshots, scanning, and photographs.
- Drag-n-drop and bulk uploads. In virtual data rooms, you can upload a batch of documents by just dragging and dropping them in the VDR.
- Virus scanner. High-end online data room software comes with built-in antivirus software that scans every document in the data room for viruses.
Summing it up
Any data room comparison must be based on ease of use, data security certifications, customer reviews, customer support service, price, and required features. Even if a vendor doesn’t offer advanced features, make sure a data room has all standard features and the ones you need. Some highly useful features are mentioned above.
Want to explore more VDR features, useful for M&A and many other essential purposes? Follow this link: https://virtual-dataroom.org/ma-data-room/.