When people think of a data space, they immediately think of the due diligence process that is used to support the legal and financial negotiation of an agreement between two or more parties. However, the technological advancement of these platforms has meant that they are now also increasingly being used for a full range of business transactions, including divestitures, fundraising and even restructuring.
The best virtual datarooms offer various security and document management options that allow transactions of all kinds. Auto indexing and bulk uploads are standard features that can help build a solid file system quickly. They also have a search option which combines multiple criteria in order to give fast and precise results. Some also have a “fence view’ function that blocks out portions of a file to prevent unauthorised downloads and taking screenshots. The most reliable providers offer access security features like multi-factor authentication, granular user access rights and time and IP restrictions.
Certain vendors use artificial Intelligence or machine learning (AI) tools to decrease the amount of documents required for due diligence. This is particularly useful when dealing with long or complicated documents.
Other technologies that are essential to the most reliable rooms include a drag-and-drop interface, multilingual support, OCR files, file preview and smart AI categorization. These capabilities make navigating and searching for large amounts of data much easier, especially when it is in multiple languages.