There are a lot of suggestions to provide the best data rooms to small, medium, and large companies. Most of them are good because they provide extra features that are not part of the basic functionality of others. But some are better because of advanced functionality, a low-cost subscription, or other features. After reading this little review, follow this link for more providers to stay up-to-date with the world of data room software.
Let’s understand what a Data Room is
In simple terms, online data room software is a tool that provides a variety of functions for working with documents and helps companies with paperless workflows. Plus, it has ultra-secure document and work file storage that can only be compared to top financial institutions. The communication process takes place under the same secure encryption.
For many reasons, this is the most important task for most companies to get out of paperwork:
- Producing and using paper products pollute the environment. Paper disposal costs a lot of money for a company, too.
- Paper processes themselves slow down workflows significantly. Many companies that have gone paperless have increased their efficiency many times over.
- Paper is not safe. With secure storage like a virtual data room, you can always be sure that no data leaks have occurred.
You’d be surprised how many benefits you get from just buying one of the virtual data rooms.
In what cases is it used?
Most large companies use this on a regular basis because regulating many departments and thousands of employees with paper documents does not seem effective at the moment. Medium-sized companies, especially those that provide financial, IT, or legal services, where the amount of documentation is off the charts, have also picked up this trend.
Smaller companies mostly use electronic data room in certain processes, like:
- Fundraising. This is really a huge area for paperwork and interaction between company representatives and potential investors. Not surprisingly, solutions such as data room services are used to prevent data leaks and automate work.
- Passing audits. Various audits, like security audits or financial audits, are just time-consuming processes involving thousands of employees from other organizations, yours included. In the same way, thousands of documents have to be submitted on time and some of them have to be signed, which would be quite difficult without modern technology.
- The M&A process. The merger and acquisition process is the most complex for any size company. In fact, most companies of varying sizes use the best data rooms’ pre-prepared templates for getting through the M&A process.
Six the best examples of Data Rooms on the market right now
At the moment, there are a huge number of different virtual data room products on the market, as well as a lot of developers providing them. In this article we have gathered six of the most successful and best examples of these products, which are recommended by a lot of users:
- iDeals. It suits both small and large projects. This provider has been tested by large financial institutions, bankers, lawyers, and top managers around the world. It is one of the most flexible and customized applications that provides a really secure and comfortable solution for most issues. Among the functionality that is present: Drag-and-drop, the ability to download files in bulk without a limit on file size and the number of files, and the ability to automatically index and text search. It supports Windows, Mac, Linux, Android, iPhone/iPad, and Windows Phone platforms.
- Intralinks. Ideal for medium and large businesses. They present many solutions for M&A, including data room services. They have artificial intelligence analysis and file management capabilities. Users note the intuitive user interface and auto-indexing capabilities. Like iDeals, it has drag-and-drop and bulk upload of files and folders, but it also has detailed reports on activity within the data room. It supports Windows, Mac, Android, and iPhone/iPad.
- Merrill Datasite. It is also ideal for medium and large businesses. This provider is typically used for investment banking, corporate development, private equity, or law firms. They offer analytics for document activity. This is one of the few solutions that provide redundant lead security for the most out-of-the-box solutions. Merrill Datasite provides users with the following features: permission management, roles, deep search, and drag-and-drop. It supports Windows and Mac platforms.
- BrainLoop. This will work well for small, medium-sized, and large businesses. This provider offers SaaS solutions in order to protect corporate data. It also delivers solutions for board and other administrative communication, mergers and acquisitions, and secure collaboration. Some of the features: support for all mobile devices; integration with MS Office; and the ability to be used offline.
- WatchDox. It is ideal for any type of business. This product was introduced by Blackberry. It has enterprise-level security and advanced protection against ransomware. Among the features that are provided are AES 256-bit encryption, data migration capability, and a detailed activity log. It supports Windows, Mac, Android, iOS, BlackBerry, and HTML5 browsers.
- Box. It is also suitable for any type of business. The developers provide sharing, storage, and collaboration services. In addition, secure storage is already built in. The features they provide are data loss protection, mobile security management, and auto-expiration. It also has support for Windows, Android, Windows Phone, and iPhone/iPad.
Hello, My name is Shari & I am a writer for the ‘Outlook AppIns’ blog. I’m a CSIT graduate & I’ve been working in the IT industry for 3 years.