Top Deal Room Platforms

Features of the Top Deal Room Platforms

The demand for virtual data rooms is growing every day. Companies of various industries and sizes are switching to VDRs because it is more practical and, most importantly, secure. At the same time, new data room providers are emerging to help combat the high market area and provide various features for narrower specialties. This is why the feature set in VDRs is not the same everywhere. Nevertheless, there are features that every quality provider should have, and in this article, we’ll point out the features that the top deal room platforms should have.

Security features

Security is paramount to online activity; hackers, hacker programs, and various viruses are constantly on your radar, waiting for you to have a weak spot. Virtual data rooms are considered the safest place to store sensitive data today. This is the main reason why companies decide to invest in these solutions. However, a data leak can have consequences that not every business can recover from. Today’s VDRs know a thing or two about security and offer multiple layers of protection comparable to the military or banking system. But keeping in mind the variety of data room features, it’s worth highlighting those that are a must-have in the best data rooms:

  • Security certification from ISO, SOC, HIPPA, and others – without a proper license, providers are not allowed to handle sensitive documents
  • Data encryption -they protect documents both at rest and during transmission
  • Double Authentication – a must-have feature that protects login from unauthorized access
  • Detail permissions – let you control user access at different levels; you can prohibit copying, printing, editing, printing, and forwarding of the document
  • Watermarks -protect document copyright and reduce the chances of data leakage

Tracking features

The big advantage is that administrators of a VDR space can track absolutely everything that goes on inside. You can see when users log in and out, which documents they went into, how much time they spent there, and what actions they performed. This gives you insight into a lot of things: who is interested in the deal, who is acting suspiciously, what mistakes you might have made, and what steps to take to make the sale complete. The following features should help you in this matter:

  • Audit Log – offers automatic records of every action within the VDR
  • Automatic Reports – provides you with analytical data for a certain period
  • Monitoring -you can monitor user actions in real-time, so you can track the progress of your team while working on a project

Document Management Functions

Companies have a lot of data that needs to be organized properly, but doing this process manually always takes too much time. Virtual data rooms help manage this workflow and automate many routine procedures, saving you time and effort. To do this, VDRs should have the following features:

  • Drag function or bulk loading – load multiple files into a space at once instead of dragging them one at a time
  • Automatic indexing – logically organizes your documents and makes them easier to find later
  • Automatic virus scanning – takes place when data is downloaded to your system and makes sure no infected file gets there
  • Smart search – allows you to find the document you want by keyword, or several words

Communication Functions

Communication within the VDR is as secure as document storage because you don’t use third-party applications to discuss important issues. Data rooms should have encrypted chats or a question-and-answer section for this purpose.