The Latest Innovations in Data Room Software 2022

The sudden rise in popularity of virtual data rooms has been decisive for best data room providers, who would like to become even more competitive in this evolving market. Because of this, we see features that are surprisingly available in such a seemingly simple application. In modern times, we may see an additional AI intervention to analyze data or provide security with an extra layer of firewall on the server side. We’ll talk about this and everything else next in this data room review.

History of Data Rooms

The earliest data rooms were born out of a rather complex and lengthy M&A process. Surprisingly, it was as far back as the 19th century. But how did data rooms exist then if there was no technology? That’s a good question, because they existed purely in a physical way. A certain secure room contained documents, and literally no one was allowed into that room. If they were allowed in, it was under supervision.

If you want to imagine it, the physical data room was a room that was crammed to the top with file cabinets of classified documents before the electronic data room. The amount of information was really significant, and you had to go through several circles of hell to even get into this room.

Physical storage rooms advanced the general perception of this technology, but they also led to serious difficulties. We’re not even talking about the problem of data leakage from interested parties anymore. These rooms have also been vulnerable to fires, floods, and other nasty natural factors that are almost impossible to predict.

Eventually, physical data rooms began to be filled with CDs rather than paper documentation. This too had the above disadvantages but was at least more convenient.

Eventually, at the very end of the 20th century, the term “Cloud Computing” was invented. That’s when the first data room providers appeared, which could already provide this level of computation. It was from that day that data room software became not a physical room, but an electronic one.

Basic Functions of Each Data Room

The basic functions of each of the data room services apply to the core business and duty of these products, which is to store data in a protected form. If we structure this list, it turns out to be as follows:

• It must have the ability to store data. Do not let yourself be confused, not every product which has this capability is a data room. 
• It must have the ability to protect the data. Not only does it have to have advanced encryption, it must have manual moderation of every person who wants access to the storage.
• It should have the ability to do journaling. Who created this file, when, and why? Why was this file changed and who did it? Who downloaded the file and why? All of this should be logged as thoroughly as possible. 

As we can see, the basic functions apply to really necessary things. All that a data room should be able to do as standard is to store data securely and reliably for later implementation by a second party. You can try the data room software comparison to familiarize yourself with this or that function.

Modern Data Rooms Features

As mentioned in the preface, technological progress does not stand still and grows every day. That is why today we can see a variety of functions inside the virtual data room that are definitely beyond the standard.

Let’s look at three of some of the most popular trends of 2022.

Artificial Intelligence

Machine intelligence has started to work at full speed in all areas of computer technology, because we are facing 2022 with a huge number of different generations of pictures and text. If they can do such complex things, what does it cost them to help us organize documentation, analyze the correctness of documents, or protect our data? That’s right, it costs them nothing. So developers have started to massively introduce exclusive AI solutions that can make the document collection process itself a fraction of the time easier.

Blockchain

Surprised? You thought it was just cryptocurrencies and stuff? But no, blockchain has infiltrated some online data room software. It’s a fairly complex and stable structure that allows you to store your data in a secure form in chunks on different devices, thereby preventing any of those chunks from being lost or deleted. It’s really great and fast. Not all products offer this, you should do a data room comparison to find the right one.

Separate protective layer

Best virtual data room providers give up standard encryption and move to an entirely different level of security. They conduct all transfers for you inside their personal secure network, which works on the Tor principle. No one from the outside internet can hack into or access your documentation.