The first step in choosing the right Data Room solution that suits your company is to determine what you want it to do. Data Rooms are used by different companies for different reasons. They can be used to improve governance, relationships with investors and other stakeholders, or to streamline processes for managing documents.
Due diligence is the most typical use of a virtual Data Room during a business deal. When a business is seeking for investment or entering into an alliance with another business it will need to review lots of documents. A Data Room is a secure location to provide this information and accelerate the process of making a deal.
A well-designed Data Room will provide features that help with due diligence, including encryption of data both during transit and in storage and two-factor authentication; audit trails for all user activity; a range of permissions protocols and mechanisms to block sharing that is not permitted or access. Additionally, it allows you to delete sensitive data from documents. This can be a time-consuming task if done manually.
Once a company uploads 1st party data into a Data Clean Room, they can then develop aggregated insights with no individual identifiers and send them to an editor, publisher DSP or an ad network to measure. A company, for instance could make use of an aggregated audience of similarity that are created in a Data Clean Room in order to attract new customers via its Google advertising campaigns.
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