Important Features of Data Room Software
The first thing that comes into your mind when you think about the data room software is a virtual repository for due diligence in M&A transactions. However, this is just one of the ways this software can be utilized.
In reality you can make use of VDRs for any type of project that require secure collaboration. A VDR is a fantastic solution to securely store and share data in situations where, for instance, auditors and legal advisers need access to and review of company’s documents. This is also true for other advisors from outside who need access to sensitive documents such as investment banks or private equity firms.
Data room software can also help reduce risk by ensuring compliance with industry standards, such as GDPR and SOC II. This is accomplished by using security features such as secure watermarks, user permission settings, and audit trail reports. Other features that can be used to secure your information include two-step verification as well as location and device tracking security, encryption of documents and password security.
Another aspect of the software is a task management tool which helps you keep on top of tasks assigned to both internal and external users. This will allow you to better manage your team’s schedule and make sure that work is completed in time. This tool also helps improve project planning and efficiency since you can monitor the progress of every task in real-time. This allows you to detect bottlenecks and adjust the schedule to accommodate them. Additionally, you will also get notifications when new tasks are assigned or completed.