To select a Data Room solution that is appropriate for your business first you must know what you’d like it do. Data Rooms are utilized by different businesses for various reasons. They can be used to improve governance, build relationships with investors and other stakeholders, as well as to streamline the management of documents.
The most common use case for the virtual Data Room is to enable due diligence during a business transaction. If a company is looking to secure investment or entering into strategic partnerships with other organizations it is required to go through an extensive amount of documents. A Data Room provides a secure environment to share this information and to speed up the process of negotiating.
A great Data Room should have features that help with due diligence. This includes: data encryption in transit and at rest; two-factor authentication and audit trails of all user activities including permissions protocols and mechanisms to prevent unpermitted access or sharing. In addition, it will provide the capability to remove sensitive information from documents, which is difficult to accomplish when done manually.
After a company has uploaded 1st party information to a Data Clean Room, they can then build aggregated insight without individual identifiers and deliver them to an editor, publisher DSP or an ad network for measuring purposes. For instance, a brand could benefit from an aggregated look-alike group created in the Data Clean Room to target new customers in its Google advertising campaigns.