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Data room features can be a useful tool to help streamline business processes, save money and improve communication and collaboration. They also give peace of mind from a security perspective, ensuring sensitive information is kept secure. But, there are other advantages that go far beyond these.

The process of preparing for and completing transactions will require a thorough examination of thousands of documents whether it’s due diligence, M&As or tenders, or capital raising. This can be time-consuming and difficult to do – particularly when the documents are classified as confidential. A data room can assist with this by providing a secure space for examining and uploading documents, while also enabling organizations to manage access rights and provide a searchable index of the uploaded documents.

A good data room has an intuitive and user-friendly drag-and drop file upload feature. This means that users can upload and access documents with ease while administrators can quickly examine the use of the data room by utilizing an extensive group overview report. It will show a snapshot of the activity in each workspace, showing the number of users who are invited as well as who is logged into and has submitted or accessed documents, posted questions and more.

Another important feature is a redaction tool that allows users to selectively block out certain text within a document. This is particularly useful if you need to go through several documents, as it prevents the need to manually search through every document. A reliable data room will also come with a fence view feature that allows users to only see a specific part of a document that they are hovering over. This helps to prevent sensitive information from being seen by non-authorized parties.