Making business decisions regarding mergers and acquisitions, fundraising, and even tendering requires that you have facts and accurate information. Unfortunately, such information may be contained in thousands of highly confidential documents that need to be kept securely. Therefore, having a working and efficient data room is necessary. Today, data rooms are used by advisors, investors, legal teams, and even auditors to share data. Businesses use such data rooms to control who accesses the information and who does not.
The traditional data room was an actual room situated at the company’s headquarters, which housed vital documents. The owners ensure tight security in and around the room to limit access to documents. Unfortunately, such a data room had too many limitations, including being inconvenient and insecure.
Thus, many businesses have now opted for virtual data rooms that are secure and convenient. Read on to learn more about the best Virtual Data Room Provider.
Characteristics of a Good Data Room Provider
1. It Needs to be simple
Data rooms need to be user-friendly. Therefore, it should be simple but equipped with software that allows for quick access to data whenever the need arises. It should allow users to find any information they need with just a few clicks.
2. Secure
The very reason why you need to establish a data room is to protect data from unauthorized access. Thus, a good data room provider should be ISO certified and employ virtual and physical security penetration mechanisms to protect its content.
3. Tracking capability
Information on people who visit and use the data room is vital. Thus the data room should track any actions taking place in the room. It should also detail the activities taking place in such a room.
4. Allow For Collaboration
Data rooms should allow for collaboration among users. It should enable users to share files and ideas. Besides, the room should have question-answer interactions to allow for sharing and exchanging of data and information.
5. Automatic Notifications
Using a data room may require that you exchange emails and information with other users. Therefore, an automatic notification is necessary if you do not want to miss out on arising issues.
So what is the best data room provider for 2021?
iDeals Dashboard
It is one of the best data room providers for large and small projects. The provider is used by lawyers, investment banks, and top companies around the globe. iDeals is result-oriented and flexible. It is also secure and provides quick solutions to users.
Features:
- iDeals provides drag and drop in functionalities that allow users to upload files
- Provides bulk upload facility with no restriction to the number or size of the file
- iDeals allows users to upload files of any size.
- Automatic indexing is an important feature that allows for full-text search and easy index numbering.
- Allows one to set document access levels according to their roles in the company. Therefore, you can limit the things a user can do to a file ranging from viewing, editing, and sharing.
Of course, there are many data room providers you may want to consider for data room services. However, iDeal is one of the best data rooms because it features bulk upload functionality, is secure, and allows users to revoke access rights. Also, it has different levels of user permissions and thus allows owners to control file access and data usage.