Virtual data room software is used by businesses worldwide to access sensitive data and important documents from a virtual data room (VDR). The VDR should have features focusing on giving users the best and most secure experience.
VDR software vendors update and regularly add new features to turn the software into complete business solutions. The functionalities may vary per provider, but here are some main features a virtual data room software might have:
1. Streamlined Data Management
VDRs automatically streamline the process of sharing and storing files. With this feature, users can easily send, modify, upload, or save documents with functionalities such as:
- Multiple file format support: The data room software lets you upload files in different formats, such as PDF and Docx.
- Drag and drop: You can upload any document without going to the folder or location containing the files. Some VDRs allow you to click on a file and drag it to the software.
- Upload multiple files at once: The software allows you to save and transfer various files in one click.
- E-signature: This feature lets you sign documents online with your chosen e-signature. The e-signature functionality only allows users you authorize to add their signatures to files online.
- Labels and tags: It lets you add file labels for identification and searchability purposes.
- Text search: Some VDRs have Optical Character Recognition (OCR). This feature enables you to quickly search for information by entering keywords, phrases, and words or using search filters.
2. Artificial Intelligence and Tracking
Virtual data room software uses artificial intelligence to ease access to documents online. It tracks and monitors the upload and transfer of files between users. With artificial intelligence, you can organize files, perform bulk upload operations, and save, tag, and index documents.
This software often has an auto-complete function that helps you recall the documents in the search file history. If you type a keyword or phrase, it sorts through storage and gives you different options for the search query.
3. User Experience and Accessibility
Different data room software enhances accessibility and user experience. The software uses the following functionalities to make the user interface simple, fast, and convenient:
- Multi-language support: Users can choose their preferred language from a list of available languages. Most VDRs have more than 10 languages available.
- Built-in document viewer: You can view documents in all file formats using the built-in document viewer. It ensures you don’t have to download another app that supports the file format you’re trying to access.
- Support for different operating systems: The VDRs support all major operating systems, such as Windows, Mac, Linux, Android, and iOS.
- Live chat: This feature makes collaboration possible between users in different locations. It stores the conversation and collaboration history between members, which makes referencing and version control possible. Members can send files and notifications of new partnerships in real-time.
4. Security
VDRs provide security measures to prevent data leaks helping you safeguard confidential documents, communication trails, and sensitive information. These security measures include:
- Access and permission restrictions: This functionality helps you set permissions for the users you want to grant file access to. Members can save, view, upload, edit, and download documents. You can restrict access to specific actions, such as limiting file download or editing across all users. It helps to prevent internal data leaks from users.
- Data encryption: This feature allows you to encode sensitive information files before making them available for upload or download. You will provide a key for the user to access the encrypted document.
- Strict ID protocol: It checks the user’s identity and the device requesting file access.
- Two-factor authentication: In this method, a user presents two or more pieces of evidence for authorization purposes before file access is granted.
- Remote tracking and removal: As the VDR admin, you can track other users’ activities to find discrepancies. This feature allows you to remove a device and access documents anytime. It is useful in preventing data insecurities when device theft or misplacement happens.
Choose a Reliable Virtual Data Room Software
When a software provider offers many functionalities, you have complete control over your company data and collaboration. If you’re considering using virtual data room software, reference the above features before opting for one.