A virtual data space could be the perfect solution for your business in the event that you are responsible for due diligence and want to reduce stress among participants. But, selecting the right provider can take some time and effort because there are many available on the market. It is important to select a company with an intuitive interface that is compatible with your industry, and will be easy for everyone in your group to use.
To guard against security breaches, you should look for a virtual data room with watermarks and other security features. Some providers also offer the functionality to present a NDA or Terms of Access agreement to users prior to granting them access to upload files. A simpler sign-off procedure is also a must-have feature.
Another method to increase due diligence is to arrange documents into a well-structured folder system. This method involves making main folders that correspond to a particular type of file, degree of confidentiality or stage of the project and subfolders that further divide files into easily navigable sections. To keep the structure as well-organized as possible, choose a service that has file indexing and auto-numbering features.
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 permissions for controlling access to uploaded documents such as read-only mode downloading, fence viewing and editable Excel sheets. The platform also provides 256-bit security encryption and data room services simplifying complex transactions remote shredding.
