If you’re responsible for facilitating due diligence and want to ease the burden on project participants, an online data room might be the ideal solution for your business. However, selecting the right service can take some time and effort since there are many on the market. It is crucial to choose one that has an intuitive interface that is compatible with your business, and is easy to use by all participants.
To avoid security breaches, you should search for a data room that comes with watermarks, as well as other security measures. Some providers offer the option to display a NDA (or Terms of Access) agreement to users prior giving them access to uploaded files. A more user-friendly sign-off process is also a must-have feature.
Another method of improving due diligence is to organize documents into a well-organized and structured folder system. This method involves making main folders to accommodate each type of file, level or confidentiality of the project and subfolders which further divide files into easily navigable sections. To keep the structure as VDRs facilitating efficient global team coordination organized as possible, pick a service that provides the ability to index files and also auto-numbering.
It is also recommended to look for virtual rooms that offer different options for managing your files. For example iDeals’ virtual data rooms have eight different levels of access to control access to uploaded documents which include read-only mode fence viewing, download and editable Excel sheets. The platform also offers secure encryption of 256 bits and remote shredding.