Online data rooms are used by different industries to serve different reasons. Some require more advanced features than others. The ones that deal with confidential documents and sensitive information require a specific set of tools that facilitate collaboration within their teams. They benefit from the multilingual user interface as well as the capability to work on documents without using a desktop program.
Legal firms, banks and other financial institutions, for instance have a lot of sensitive documents that they have to share. They can gain from using a virtual dataroom solution that lets them the most common patterns of interlocking directorships access files throughout the day and safeguards information with multiple layers of security. This way, they can simplify due diligence and complete M&A deals more quickly.
The best virtual data rooms are supported by top-notch security certifications and provide advanced functionality that traditional physical data rooms don’t. For instance, they can redact vital areas of files so that personally-identifiable information stays private or prevent screenshotting with a fence view. They can also provide features that make it easier to organize and move files such as drag-and drop uploads or high-quality images of 30+ file types. Some even provide a central activity log to increase transparency and accountability for the team.
Some of the best data rooms in the market include Brainloop Secure Documentroom, which is an ideal VDR for M&A and due diligence as well as project management. It is an end-to-end encrypted cloud-based platform that permits working with a single file or multiple folders in a snap. Its patented blob-storage technology and AI-powered indexing make it one of the fastest digital data rooms on the market. The customizable watermarks, audit logs and other features ensure that it is in compliance with regulatory requirements.