If you’re in charge of the process of facilitating due diligence and you want to ease the burden on project participants, an online data room might be the perfect solution for your company. However, selecting the right service can require some time and effort since there are numerous options on the market. It is essential to select a company that has an intuitive interface that is compatible with your industry, and that will be easy to use by all parties.
To guard against security breaches, look for a virtual data room that has watermarks and other security features. Some providers also offer the functionality to present a NDA or Terms of Access agreement to users prior to granting access to upload files. A more efficient sign-off process is also a must have feature.
Another way to improve due diligence is to arrange documents into a well-structured folder system. This involves creating main folders that correspond to a particular type of file, level of confidentiality, or project stage and subfolders that further divide documents into easily-accessible sections. Choose a service that has auto-numbering as well as file indexing to ensure that the structure is as well organized as possible.
It is also essential to search for a virtual data room that can provide various options for managing files. For instance, iDeals’ virtual data rooms have eight different levels of permission to control access to uploaded files which include read-only mode downloading, fence viewing and editable Excel sheets. The platform also offers 256-bit security encryption and remote shredding.