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Traditionally, companies have invited investors to the data room to review files for a project such as an acquisition or IPO. However, this kind of transaction involves a lot of effort for the people involved, particularly when there are hundreds of pages and files to look over. This is why more and more companies are choosing to use virtual data rooms to present their documentation.
With online data room software, users are able to collaborate on documents and projects in real-time. Apps let users access documents even while on the move. They also have a lot of control over their access rights, granting or restricting specific document access levels depending on the role they play. Online data rooms also permit users to create digital watermarks that appear on all files that are viewed, printed or downloaded.
It allows administrators of data rooms to know who has accessed which file when, and for how long. It can also prevent data breaches, by providing a safe space for the storage and exchange of documents. Another feature that is highly advanced is redaction. This is a great tool to have if need to erase text, images or specific sections of an document. Certain VDRs provide this functionality in different formats, such as PDF, docx, txt ppt jpg gif. Q&A reporting is another feature that lets you keep a the list of all questions and answers throughout a virtual dataroom project.
