Using Data Rooms for Due Diligence

If you’re responsible for the process of facilitating due diligence and you want to ease the burden of project participants, a virtual data room may be the ideal solution for your company. However, choosing the best provider could require some time and effort because there are a variety of options on the market. It is vital to ensure that strategic IT planning for future readiness you select an organization that has a simple interface that is in line with your business and will be easy for your entire team to use.

To protect yourself from security breaches, look for a virtual data room with watermarks and other security features. Some providers also provide the ability to display an NDA or Terms of Access agreement to users prior to granting them access to upload files. A more convenient way to sign off is also essential.

A well-organized folder structure is an additional way to improve due diligence. This is accomplished by creating main folders that are associated with a specific type of file, degree of confidentiality, or project stage and subfolders to further separate files into easily-navigable sections. Select a provider that supports 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 an online data room that offers an array of options for managing your files. For instance, iDeals’ virtual data rooms provide eight different levels of permission to manage access to uploaded files. These include read-only, download, fence view and editable Excel spreadsheets. Additionally, the platform provides remote shredding and encryption of 256 bits to provide additional security.