Your data room is a unique due diligence tool that offers organisation, structure, and ease of use for a lengthy and complex process. When it comes to M&A, tenders, capital raising and other corporate events, there are a myriad of documents that must be reviewed before a decision is made. It is time-consuming to go through all of this information, and it is prone to mistakes.
There are many options that can help make the review process more efficient. One of the most crucial is a powerful Q&A tool that allows you to add comments as well as questions and answers to all documents in the data room in real-time. The other is a range of security options, including fence view, screen locking and encryption. These options will help prevent unauthorised access, and lower the risk that cyberattacks or breaches could occur once sensitive data is removed from your firewall.
Another feature that is essential is the specific permission settings, which can be used based on the role, folder or document level. For instance, you may wish to restrict access or downloading of spreadsheets to specific users only and also provide the option for viewers to add notes of their own.
If you are looking for more advanced features, select a provider who offers customisable security controls. iDeals, for example, allows you to add a customized watermark to documents and configure multiple permissions such as ‘view-only modes, fence views, screenshot blocking, and remote wipe, and up to eight levels document access control. It also supports multiple languages and has redaction built-in.