As a business owner, you’re likely to require the highest level of security for your private documents and data. That means a virtual data room with a high level of auditing and encryption capabilities as well as robust features that block unauthorised access to data stored in your documents. This includes password protection, authentication for users and multi-factor identification.

Think about your storage capacity and the size of your data room on the basis of the amount of documents and files you will upload. Some data room options come with built in electronic signature functionality that saves time by simplifying the process of getting NDAs signed prior to granting third parties access to your intellectual property or private financial data.

A search tool that lets you locate specific information within the documents in a data room is an excellent feature, too. This can be particularly useful when you’ve uploaded a lot of PDFs to the repository but don’t want to waste time scrolling through them all manually. Search and recognition for characters with optical character recognition filters can also make it easier to streamline the way you work.

In addition to searching for and retrieving information, you’ll require a reliable redaction software to allow you to quickly and reliably block out sensitive data from any document. The manual deletion of sensitive data can be risky and you could miss an individual or multiple instances. This could have a major impact on the outcome of a transaction. Utilizing an automated redaction feature will ensure that only the necessary information is made available to potential buyers, while keeping your team’s time spent working productive.

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