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9 Oct 2023

The most effective data room software doesn’t require a lengthy learning curve. This feature is especially important for teams that are project-oriented and businesses who want to spend their time achieving the desired outcome of a deal or a transaction, instead of learning a new tool. Many providers offer templates and checklists that aid users in working effectively and methodically. Some have even advanced features like iDeals Sync to allow for seamless integration with corporate file storage systems. Advanced search filters and tags along with optical character recognition tools can help users locate any document in just a few seconds. Other common features include automatic index numbering and dynamic watermarks that appear on top of every uploaded document after viewing or downloading, and activity reports that detail who accessed which documents for how long.

The virtual data room, iDeals, offers various security measures which protect private information. These include two-factor authentication, a customizable NDA and bulk user invitation options. It also lets users redact text or images from a document, and restrict document access based on IP addresses and times.

Q&A reporting allows administrators to review and print all inquiries and answers as well as any comments received by experts during the course of a deal or project. They can easily assign answers to other experts, change the workflow and track every activity. Data can be exported into Excel for convenience.