Data rooms have revolutionized business operations. Here are five unique features of data rooms that can enhance business growth:

1. Document Control

Document management is one of the most hectic tasks for businesses. Data rooms offer a layered approach to keep your confidential documents secure. Here are some features:

You can customize document permissions and monitor who has accessed a file and for how long. 

Advanced digital rights management (DRM) allows you to disable options, such as print, save, and copy, to prevent unauthorized transfer. 

Multi-factor authentication software allows you to reduce the risk of data theft. 

Encryption software makes data unreadable for unauthorized individuals. 

2. Support Team

Nowadays, all business operations are run using technological support. A minor hitch or a delay can lead to financial consequences. Data room providers offer IT support 24 hours a day, 7 days a week, to boost your business growth. 

If you’re having trouble familiarising your employees with the data room, a support team:

Explain the interface of data rooms to new users. 

Explain how to use the various features. 

Fix troubleshooting issues with user logins, passwords, and permissions. 

IT support teams will also set up security protocols and handle system upgrades. Their in-house team caters to German, French, English, and Spanish-speaking users. You will have peace of mind, knowing there is a backup system ready to step in. 

3. Optical Character Recognition (OCR)

Transferring physical documents into the cloud storage can be time-consuming. Many data rooms offer optical character recognition (OCR) features. It converts images of texts into machine-readable text. OCR reads scanned photos of documents and converts them into text quickly. 

Whether you’re conducting due diligence for an investment deal or analyzing client data for legal proceedings, you need to take care of the paperwork. OCR feature will minimize the time spent on manually transferring physical data to digital channels. 

Built-in OCR in data rooms also ensures data accuracy and minimal downtime. Investors and stakeholders can quickly scan through a pile of documents and bookmark the important ones.  

4. Tailored Data Room Features

Virtual data rooms are designed to cater to various business needs. The following industries can benefit from VDRs:

Private equity. 

Investment banking. 

Real estate. 

Legal. 

Biotech and pharma. 

Some businesses aim to limit unauthorized access, while others wish to streamline day-to-day operations. A data room provider will consider your goals and customize the layout accordingly. 

5. Multiple Subscription Plans

The cost of a data room depends upon the range of features. One such feature is the amount of time you need it. Most data room providers offer two basic plans: annual subscription and single-use. 

With an annual subscription, you can run multiple projects. This is a cost-effective solution for large-scale corporations. On the flip side, a single-use data room package allows you to run a one-time deal. However, the subscription can be extended at any time. 

With a thorough understanding of your business requirements, you can get a data room without breaking the bank.