Your data room software is a unique due diligence tool that offers structure, organization and ease of use to a long and complex process. When it comes to M&As, tenders, and capital raisings, as well in other corporate events, numerous documents must be reviewed in order to make an informed decision. Making sense of all this information is a time-consuming task and is prone to errors.
There are a variety of important features that can help to make the review process much more efficient. One of the most beneficial features is a powerful Q&A feature that allows you to add comments, questions, and answers in real-time to all documents within the data room. Another option is a variety of security options, including fence view, screen-locking and encryption. These options will help in preventing unauthorised access and decrease the possibility that cyberattacks and breaches could occur once sensitive data leaves your company firewall.
Another important feature is granular permission settings, which can be applied based on the role, folder or document level. For instance, you may want to restrict viewing or downloading of spreadsheets to specific users and provide the option for viewers to add notes.
If you’re looking for more advanced features, choose a provider that can provide you with custom security controls. iDeals is one example. It allows you to apply a custom watermark to documents and set multiple permissions such as ‘view-only’ modes, fence views, screenshot blocking, and remote wipe, as well as up to eight levels of document access control. It also has built-in redaction and works with a variety of languages.
