If you’re in charge the process of facilitating due diligence and you want to reduce the stress on project participants, using a virtual data space could be the perfect solution for your business. However, choosing the right service can require some time and effort since there are many on the market. It is crucial to choose one that has an intuitive interface that is in line with your particular industry, and can be used by all users.
You should select a virtual dataroom that is protected by watermarks or other security measures to avoid security breaches. Some providers also offer the functionality to present a NDA or Terms of Access agreement to users prior to granting access to upload files. A more efficient sign-off process is a must-have feature.
A well-organized folder structure is an additional way to improve due diligence. This method involves making main folders to accommodate each type of file, level or security of the project, and subfolders that further break down files into easily accessible sections. Select a provider that supports automatic numbering and file indexing capabilities to keep the structure as well-organized as is possible.
It’s also important to look for an online data room that can provide many file management options. For instance, iDeals’ virtual data rooms have eight different levels of access to control access to uploaded files which include read-only mode download, fence viewing, and editable Excel sheets. Additionally, the platform comes with 256-bit encryption and remote shredding to ensure security.