To get all the facts about important events such as mergers and acquisitions or capital raising, you will need to search through tens thousands of highly-confidential documents. In the past, the only way to gather all the information required was to review physical files.
The good news is that modern due diligence data rooms make it simple for interested parties to work on files simultaneously without putting their security at risk or having their private information exposed unintentionally. How do you determine which providers are worth the cost when you compare them? First, you should look for an array of basic and advanced tools. Look for a user-friendly interface that encourages collaboration and keeps everybody on track, and look for smart tools such as personally-identifiable watermarks, a unique document tracking mechanism perfect for M&A due diligence processes, and a full audit trail of all file activity.
A feature that is important to look for when looking at a project is the ability to customize access rights for different groups of users. This lets you assign print, read and download rights to specific stakeholders within the project. It is then possible to ensure that the sensitive documents are safe from unauthorized external activity or internal mistakes. This can also prevent accidental exposure without permission.
The best online data room software also enables you to create detailed reports on all file activities in your project, which includes who viewed what files, who took which actions with what files, and how often certain files were downloaded or printed. This information can allow you to get a better picture of how your due diligence data rooms are used and optimize their use for future projects.
