If you’re in charge of facilitating due diligence and want to ease the burden of project participants, a virtual data room may be the perfect solution for your company. There are a variety of providers available, so selecting the right one can take some time and effort. It is important to choose a provider that has an intuitive interface compatible with your business, and will be easy to use by all parties.
You should choose a virtual dataroom with watermarks, or other security measures to guard against security breaches. Some providers permit you to leading due diligence providers display an NDA (or Terms of Access) agreement to users prior to they can access uploaded files. A more convenient sign-off process is also a must have feature.
A well-structured folder structure is another method to enhance due diligence. This method involves making main folders to accommodate each type of file, and the level or security of the project, and subfolders which further divide files into easily accessible sections. Choose a service with auto-numbering and indexing features to ensure that the structure is as well organized as possible.
You should also look for an online room that provides numerous options for managing files. For instance, iDeals’s virtual data rooms have eight different permission levels to manage access to uploaded files. These include read-only download, fence view and editable Excel spreadsheets. Additionally, the platform comes with secure encryption with 256 bits and remote shredding to ensure security.
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