A virtual data room could be the perfect solution for your business in the event that you are responsible for due diligence and would like to ease stress among project participants. However, selecting the right service can take some time and effort as there are many available on the market. It is important to choose a company that has an intuitive interface compatible with your business, and will be easy to use by all participants.
To prevent security breaches, you should search for a data room with watermarks and other security measures. Some providers allow you to display a NDA (or Terms of Access) agreement to users prior to allowing them to access uploaded files. A more convenient method to sign off is also an essential requirement.
Another way to improve due diligence is to arrange documents into a well-structured folder system. This approach involves creating main folders which correspond to a specific type of file, degree of confidentiality, or project stage and subfolders to further separate files into easily navigable sections. To keep the structure as organized as possible, select a service that provides the ability to index files and also auto-numbering.
It’s also important to look for a virtual data room that offers many file management options. For instance, iDeals’ virtual data rooms provide eight different levels of access for controlling access to uploaded documents such as read-only mode download, fence viewing, and editable Excel sheets. The platform also offers secure encryption with 256 bits, as well as remote shredding.