Your data room is a unique due diligence tool that offers structure, organization and a user-friendly interface to simplify and speed up the process. In M&As and tenders, capital raisings as well and other corporate events a large number of documents have to be viewed to make a decision. It is time-consuming to go through all of this information, and it can lead to mistakes.
There are plenty of important features that can help to make the process of reviewing more efficient. One of the most beneficial features is a robust Q&A feature that lets you add comments, questions, and answers in real-time for all documents in the data room. There is also a range of security options like fence view, screen locking and encryption. These options will help prevent unauthorized access, and reduce the risk that cyberattacks or security breaches could occur when sensitive information leaves your company’s firewall.
Another feature that is essential is the granular permission settings, which can be used based on the role, folder and document level. For instance, you might wish to restrict access or downloading of spreadsheets to specific users and provide the option for users to add notes.
If you need more advanced features, search for a service that provides customizable security features. iDeals for instance, allows you to add a customized watermark to documents and configure multiple permissions including ‘view only modes, fence views screen-blocking, remote wipe, and up to eight levels of document access control. It also has built-in redaction and works with a variety of languages.