The most effective data room software is simple to use and doesn’t require an extensive learning curve. This is especially important for teams and companies who wish to focus their efforts on achieving the desired outcome of a deal or transaction rather than learning an unfamiliar tool. Many providers offer checklists, templates and playbooks to help users to work efficiently and in a systematic manner. Some providers offer advanced features, such as iDeals Sync, which allows seamless integration with corporate storage systems. Advanced search filters and tags with optical character recognition tools let users locate any document in just a few seconds. Other common features include automatic index numbers and dynamic watermarks which appear on top of every uploaded document when it is viewed or downloading, and activity reports that detail who has accessed what documents for how long.
The iDeals virtual data room provides various security measures which protect confidential information including two-factor authentication, a customizable NDA and bulk user invitation options. It also allows users to cut out images or text from a document, and restrict access to documents based upon IP addresses and times.
Q&A reporting permits administrators to look over all questions, comments and answers provided by experts in the course of a deal or project. They can easily assign answers to other experts, modify the workflow, and keep data room reviews track of the entire process. Data can be exported to Excel to make it easier.