Virtual data room is a technology that has created a sensation is the world of business transactions. Now, businesses have a possibility to keep their company data in safe online repositories, which allow not only to store the information, but to distribute it properly. Virtual data rooms are highly valued in comparison with traditional ones, and it is not only because they do not require a physical space and maintenance. They also provide a parallel access for different users whose operation in the system can be improved by a variety of functions that the data room offers.
Among the most important functions there are tracking, placing restrictions on documents, Q&A section, full-text search, multiple languages support, watermarking, etc. All of them are useful because they help to make the due diligence process faster and easier for all sides.
One of the most useful features is “Audit Report”. This feature gives benefits to the target company; the administrators of it can get a report about the activity of all the authorized members in the system. This report can be represented in a graphical way and includes the following information about each user: the quantity of logs in the system, the questions asked, what documents were accessed by the user, which way (viewing only, downloading or printing), and when. Administrators can get a report daily or anytime they need it. So why is this feature beneficial for the target company?
- It helps to identify the potential acquirers. The company that is truly interested in signing the agreement is sure to examine all the allowed documents properly.
- It gives insight about the issues that trouble the potential customers. It is worth comparing the questions asked via the Q&A section with the files that the user accessed most often.
- It helps to recognize the most authoritative person in the organization, the one who is allowed to make decisions. It is done with the help of creating an organizational report (only a few providers support this feature), where administrators can track and compare the activity of different users within one organization.
- The reports can serve well during the process of post-closing liability, proving that all the claimed documents have been brought to customers` attention.
- In case the legal action occurs, the reports make the company covered regarding the compliance and disclosure of information.
However, this feature is not developed enough in many data rooms, and using the audit reports can be inconvenient in case the old-fashioned repository is chosen. That is why it is important to choose a provider, which shows the highest standards in all aspects of the data room. iDeals is the best provider for business needs, since it has the advanced security together with many rich functions. Among them, there is the “Audit Report” feature, which is well developed in this virtual data room. It supports organization-level reports and provides a file and folder rating for better perception. What is more, the created reports can be easily exported to Excel. Except this important function, iDeals repository has a variety of other ones:
- Q&A section
- Limiting access for definite documents for certain users
- Full-text search
- Multi-language support
- Mobile application for Android
- Functions that increase the operation speed (bulk uploads, drag-and-drop, etc.)
Together with the adequate prices, these features make iDeals a desirable provider of virtual services for businesses who value security, simplicity and high efficiency
Micael Granberg
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- Which Benefits Can “Audit Report” Feature Bring To a Virtual Data Room? - September 26, 2015
