The first step to selecting the Data Room solution that will work for your business is to understand what you want it to do. Data Rooms are used by different companies for different reasons. They can be used to improve governance, build relationships with investors and other stakeholders, or streamline document management processes.
Due diligence is the most common use of a virtual Data Room during a business deal. If a company is looking to secure investment or entering into strategic alliances with other organizations it is required to go through an extensive amount of documents. A Data Room is a safe space to share this information and can help speed the process of negotiating.
A good Data Room should have features that allow due diligence. These include encryption of data during transit and at rest; two-factor authentication and audit trails of all user activity and permissions protocols as well as mechanisms to block access that is not permitted https://vdrtechnology.blog/major-influencers-of-stock-market-prices or sharing. Additionally, it can provide the ability to redact sensitive information from documents, which can be tedious when performed manually.
When a company uploads 1st party information to a Data Clean Room, they can then generate aggregated insights with no individual identifiers and send them to an editor, publisher DSP or ad network for measurement purposes. For instance, a company could make use of an aggregated look-alike group created in the Data Clean Room to target new customers in its Google advertising campaigns.