If you’re in charge of facilitating due diligence and want to ease the burden on participants in the project, using a virtual data space could be the perfect solution for your company. There are a variety of providers available, so choosing the right one could require time and effort. It is important to ensure that you select the right company that has an intuitive interface that is a good fit for your business and is simple for all of your participants to use.
To protect yourself from security breaches, you should look for a virtual data room that offers watermarks and other security features. Some providers provide the option to display an NDA (or Terms of Access) agreement to users before allowing them to access uploaded files. A more convenient way to sign off is also an essential requirement.
Another method to increase due diligence is by organizing documents into a well-organized and structured folder system. This approach involves creating main folders which correspond with a particular kind of file, the level of confidentiality or stage of the project and subfolders to further separate documents into easily-accessible sections. Select a provider that supports auto-numbering and indexing features to keep the structure as organized as it can be.
You should also consider virtual rooms that offer numerous options for managing files. For example iDeals’s virtual data rooms come with eight different levels of permission for controlling access to uploaded documents such as read-only mode fence viewing, download, and editable Excel sheets. Additionally, the platform provides remote shredding and encryption of 256 bits for added security.
data rooms for due diligence
