If you’re in charge of providing due diligence services and want to reduce the stress on project participants, a virtual data room may be the ideal solution for your company. There are numerous providers available, so picking the right one may take some time and effort. It is important to choose the right company that has an intuitive interface that is a good fit for your industry and is simple for all of your participants to use.
To guard against security breaches, seek out a virtual data room with watermarks and other security measures. Some providers provide the option to display a NDA (or Terms of Access) agreement to users before they can access uploaded files. A more user-friendly sign-off process is also a must-have option.
A well-structured folder structure is another way to improve due diligence. This is accomplished by creating main folders that are associated with a specific kind of file, level of confidentiality or project stage and subfolders to further break down documents into easily-accessible sections. To keep the structure as organized as possible, select an online service that provides auto-numbering and file indexing features.
It is also essential to search for an online data room that can provide various file management options. For example iDeals’ virtual data rooms have eight different levels of permission for controlling access to uploaded files that include read-only mode, fence viewing, download, and editable Excel sheets. In addition, the platform offers remote shredding and encryption of 256 bits for additional security.