When many people think of a data space, they immediately think of the due diligence process that is used to support the financial and legal negotiation of a deal between two or more parties. However, the technological advancement of these platforms means that they are now also frequently being used to facilitate an array of business transactions, including the sale of assets, fundraising and even restructuring.
The most reliable virtual datarooms offer a variety of security and document management options that make transactions of all kinds. Auto indexing and bulk uploads are standard features that can help build a solid file system quickly. They also include a search feature that combines multiple criteria to provide quick and precise results. Some also have a 'fence view' feature that blacks off a section of a document to prevent unauthorised downloads or screenshotting. The most reliable providers offer access security features, such as multi-factor authentication, granular user permissions and time and IP restriction.
Some vendors integrate artificial Intelligence or machine learning (AI) tools to reduce the amount of documents required to conduct due diligence. This is especially helpful when dealing with complex or lengthy documents.
Other important technologies in the most popular rooms include a drag and drop interface, multilingual support, OCR as well as file preview and smart AI categorization. These features make it easier to navigate and search large quantities of data, especially when they are in multiple languages.