The first step in selecting the Data room solution that best fits your company is to be clear about what you want it to do. Different companies will have different requirements for their Data Room; from ensuring the security of information, improving the governance of the company and its relationships with stakeholders and investors, to making the process of managing documents more efficient or assisting in corporate transactions such as M&A deals and fundraising rounds.
The most popular use for the virtual Data Room is to enable due diligence during a business transaction. When a business is seeking to invest or enter into a strategic partnerships with a different organization, it must review a lot of documentation. A Data Room is a safe environment for sharing this information, and can help speed the process of negotiating.
A reliable Data Room will provide features that facilitate due diligence, including: data encryption at rest and during transport with two-factor authentication, audit trails for all user activities; a variety permissions protocols; and mechanisms to block unpermitted sharing or access. Additionally, it allows you to redact sensitive data from documents. This isn’t an easy task if it is done manually.
Once a company uploads 1st party data into a Data Clean Room, they can then create aggregated insights without individual identifiers, and provide them to an editor, publisher DSP or an ad network for measuring purposes. A company, for instance could make use of an aggregated audience of similarity generated in the Data Clean Room in order to reach new customers with its Google advertising campaigns.