While Dropbox and Google Drive are great for sharing files, data rooms offer more advanced features. Unlike free file storage platforms which are not specifically designed to share files in a highly secure environment and can offer advanced authorization settings, auditing capabilities and watermarking that guarantees only authorized users can access and download the necessary files.
A virtual data room enables both parties to perform due diligence with a managed workflow for each document. This assures that confidential information such as patents, financial performance, or product development are only viewed by interested buyers and ensures that all conversations are kept within the platform. It also helps to avoid leaks and minimizes the risk of sensitive grievance-tracking.com/documents-needed-for-a-docusign-transaction information being accessed by the in the wrong hands.
The activity audit logs are another important aspect of the data room. They provide a comprehensive overview of who accessed the document and at what time. This allows M&A teams to track the level of interest and decide whether to continue negotiations or move forward. Data room reports also help teams stay organized by providing a complete overview of group activities. Who has logged into the data room and who has seen or edited which documents, and when?
A virtual dataroom also allows users to quickly sort through thousands of files by providing an effective search engine. This includes full-text searching, Optical Character Recognition, filtering by label, a range of logical operations and more. The ability to automatically number and index folders and documents allows you to easily locate and organize large quantities of data.