If you’re responsible for providing due diligence services and want to lessen the burden on participants in the project, using a virtual data space could be the ideal solution for your business. There are numerous providers on the market, so selecting the right one can take time and effort. It is important to ensure that you select one with a user-friendly interface that is in line with your business and is simple for everyone in your group to use.
To avoid security breaches, look for a virtual data room that offers watermarks and other security measures. Some providers also provide the capability of presenting an NDA or Terms of Access agreement to users prior to granting them access to upload files. A more user-friendly sign-off process is a must-have feature.
A well-structured folder structure is a different way to enhance due diligence. This involves creating main folders that are associated with a particular type of file, level of confidentiality, or project stage and subfolders to further divide files into easily-navigable sections. Choose a service that has auto-numbering and indexing features to keep the structure as well organized as possible.
It is also essential to search for a virtual data room that has many options for managing files. For instance, iDeals’ virtual data rooms have eight different permission levels that restrict access to uploaded files. These include read-only fence view, download, and editable Excel spreadsheets. Additionally, the platform provides secure encryption with 256 bits and remote shredding to provide additional security.