Your data room is a unique due diligence tool that offers structure, organization, and ease of use to simplify and speed up the process. When it comes to M&As, tenders, and capital raising, as well and other corporate events a large number of documents have to be viewed to help make an informed decision. Making sense of all the information can be time-consuming and prone to error.
Fortunately, there are many essential features that can be used to make the review process more efficient. One of them is a powerful Q&A tool that allows you to add comments as well as questions and answers to all documents within the data room in real-time. The other is a range of security options like fence view, screen-locking, and encryption. These options will prevent unauthorized access, and reduce the chance that cyberattacks or breach could occur if sensitive data leaves your company firewall.
Another feature that is essential is the adjustable permission settings, which can be applied based on role, folder and document level. For instance, you may decide to limit viewing or downloading of spreadsheets for certain users and provide the option to viewers to add notes.
If you need more advanced features, look for a provider that offers customizable security features. For instance, iDeals allows you to apply a custom watermark to all documents and configure multiple user permissions including ‘view only’ modes fencing view, screenshot blocking remote wipe and up to eight levels of document access control. It also supports multiple languages and has redaction built-in.
