If you’re in charge of conducting due diligence and would like to ease the burden on participants in the project, an online data room might be the perfect solution for your business. There are numerous providers available, so choosing the best one will take some time and effort. It is crucial to choose one that offers an intuitive interface compatible with your industry, and is 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 also offer the option of presenting an NDA or Terms of Access agreement to users prior to granting access to uploaded files. A more efficient sign-off process is also a URL must have feature.
A well-structured folder structure is another way to increase due diligence. This method involves creating main folders for every type of file, and the level or security of the project, and subfolders that further divide files into easily navigable sections. To keep the structure as well-organized as you can, select a provider that offers indexing of files and auto-numbering capabilities.
It is also recommended to look for virtual rooms that provide various options for managing files. For instance, iDeals’ virtual data rooms come with eight different levels of permission to restrict access to uploaded files, which include read-only fence view, download, and editable Excel spreadsheets. The platform also provides the security of 256-bit encryption as well as remote shredding.