Online data rooms are a cutting-edge online software designed to assist by securing the sharing of documents throughout various business processes. This includes M&A legal and real estate transactions, clinical studies and more. There are many vendors willing to assist companies with their data room needs. Some of the most sought-after solutions are iDeals, Citrix and Datasite.

The best virtual data room is user-friendly and offers granular permissions. It also allows for advanced features such as AI redaction, optical character recognition and search filters as well as auto indexing. It is also essential to be able to modify the data room to meet your needs and to be able to create an due diligence checklist. Additionally, the most effective virtual data rooms include an integrated client manager that simplifies the process of establishing and administration of the data room.

The right online dataroom will also allow you to organize documents into folders according to the topic of each folder. The system will then index and number the documents for you. This lets you discover documents in a matter of minutes and reduces time spent on data entry. Drag-and-drop, bulk uploads a fast and accurate search engine, a Q&A module to help you organize and structure your documents during due diligence and the possibility to create access hierarchy based on the individual user and group are all beneficial features. A customizable dashboard and activity report is essential to monitor document usage.