While Dropbox and Google Drive are www.grievance-tracking.com/documents-needed-for-a-docusign-transaction/ great for sharing files, data rooms come with more advanced features. In contrast to the free file storage platforms that are designed for sharing files, these are designed to share files in a highly secure environment and can offer advanced access control, auditing capabilities and watermarking that ensures only authorized parties can view and download the files needed.
A virtual data room enables both sides to conduct due diligence using a controlled workflow for each document. This ensures that confidential business information such as patents, financial results, or product development are only accessible to interested buyers and keeps any conversations contained within the platform. It also helps to avoid leaks and reduces the risk of sensitive information getting into the improper hands.
Other key data room features include activity audit logs, which give a detailed analysis of who has accessed a particular document and when. This permits M&A teams to keep track of the level of interest and decide whether to continue negotiations or move on. Moreover, data room reports help to keep teams organized by providing a summary of group activities (e.g. Who has logged on and who has viewed or edited which documents and when?
A virtual data room also enables users to sift through thousands of files in a matter of minutes through a robust search engine. This includes full-text search, Optical Character Recognition, filtering using labels, a variety of logical operations and more. The ability to automatically number and index folders and documents allows you to easily locate and manage large amounts of data.