Main 5 virtual data room features
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As more and more businesses join the digital world, service providers focus on innovations to create competitive advantages. Data room vendors initially launched virtual data rooms as secure data storage facilities, but they kept adding cutting-edge features to turn VDRs into complete business solutions.
Today, online data room software is much more than ordinary data repositories, and we are going to list some of the best virtual data room features for you. In fact, these features should be your priority before you choose a virtual data room provider.
What is data room software?
An electronic data room, or simply data room, is essentially an online data repository and a virtual working space. Businesses, corporations, professionals, government agencies use virtual data rooms for safely storing confidential business data.
Furthermore, as the work-from-home mantra changed the work practices in business arenas globally, organizations started using virtual data rooms as digital working spaces. From working on shared documents to sharing documents online to participating in team meetings, online data rooms have everything a business needs to ensure collaboration between its employees and external bodies.
5 main features of a virtual data room
Virtual data room features may vary from vendor to vendor, but here are some relatively standard functionalities every data room must have.
1. Document management
Virtual data rooms make document management highly convenient as they streamline the data storing and sharing process. Data room users can easily upload, access, edit, modify or share files. Here are some worth mentioning features that make document management smoother for you.
- Drag-n-drop: enjoy the freedom to upload any file without locating it from a cluster of folders. Just click on a file, hold it, and drag it to the VDR.
- Bulk upload: upload multiple files in one go.
- Labels: tag or add a label to any document to improve its searchability.
- Text search: search files with the help of keywords, phrases, or file names.
- Support multiple file formats: High-end virtual data room providers allow you to upload files in different formats. Be sure to upload as many file formats as you need.
- E-signature: sign any document with the e-signature feature, which is very handy in handling business deals on VDRs as authorized personnel can sign documents online.
2. User experience
Present-day virtual data room services focus on enhancing user experience by facilitating customers in all possible ways. Different VDRs leverage the best possible user experience practices to make things simple and more convenient. Have a look at these features:
- Document viewer: VDR document viewer makes sure you don’t have to use another app to view documents in VDR.
- Support multiple operating systems: modern data room software supports all major operating systems, including Windows, Mac, Linux, iOS, and Android.
- Multilingual format: as VDR vendors serve globally, they offer products in different languages. Most data rooms are available in more than 10-15 languages.
3. Security
Data protection is the core objective of any electronic data room, and for that, it is important to choose a certified service provider that complies with global data security standards. Here are some notable security features in VDRs:
- Two-step verification: A user has to go through two steps to verify their identity. VDRs often require users to verify through codes sent to their email address or cell phone.
- Document access control: A user can revoke or give access to any document or a part of the document.
- Data encryption: Users can send a file in encrypted form — only the intended recipient will be able to decode it.
- Digital watermarks: Digital watermarking is a great way to settle copyright issues. It is easy to trace the original creator of any file with the help of watermarks.
- View-only mode: If you don’t want anyone to download, edit, or print any document, you can activate view only”.
- Remote purging: Data room administration can remove a device (and the VDR-related content in it) at any time. This helps avoid data leaks if a device is stolen or lost.
4. Tracking and reporting
Keeping track of all the activities in the data room is surely one of the best things about virtual data rooms. Data room administration can monitor who logged in, when and which document they viewed, or how much time a user spent in the data room. Apart from that, many VDRs have a screen recording feature which is very handy in recording communications, meetings, etc., during a business transaction.
5. Collaboration tools
Businesses can use online data room software as a virtual working space. For example, data room users can work on shared documents, and any changes made in the file will be notified to all contributors.
Modern VDRs provide audio and video conferencing tools to help businesses arrange online meetings. Moreover, group chats and one-to-one live chatting are other useful collaboration tools in virtual data rooms. Being able to collaborate safely is what makes virtual data rooms a preferable choice for modern businesses.
Parting thoughts
When it comes to data storage and collaboration, modern virtual data rooms boast all basic-to-advanced features that make them a desirable asset for any business. On top of that, they are an easy to use and cost-saving option. Most importantly, a VDR gives you complete control over your business data.
If you consider using a virtual data room for your business, conduct your data room comparison, review feature set and virtual data room pricing, and settle on an optimal data storage solution.