Choosing the Right Data Room Technology

When it is necessary to share sensitive documents and data with a wide range of stakeholders during due diligence on an acquisition, data room technology is a reliable method to manage the process. Selecting the right option for your particular business may require some time to think about how the platform will be used and what features are most beneficial. It is also essential to secure the platform with the most secure security settings.

A key feature many data rooms offer is redaction, which blacks out sections of files to ensure personally-identifiable information stays private. It’s also worthwhile to check the security certifications of a company to make sure it offers ISO 27001, SOC 1/2/3 and GDPR compliance. iDeals for instance, has been tested by the FCA and has inbuilt translations, reducing the possibility of leakage and making document analysis more efficient.

A VDR can also be used to host virtual roadshows with potential investors. This lets attendees get specific information well before the presentation, making it easier to talk during a conversation, and speed up the decision-making process.

It’s equally important to ensure that the data room can be easily exported after a project or a deal has been concluded. This is vital because businesses will require access to the data for future transactions. Data clean room platforms are a good example. These platforms let marketers import first-party data, then combine it with common identifiers such as hashed email addresses and device IDs by using methods to protect privacy such as the use of pseudonymization or differential privacy. These cohorts can be utilized in a variety of marketing methods, including audience development and engagement.

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