Key Features to Look For in Your Data Room Software
Your data room is a distinctive due diligence tool that offers organisation, structure and ease of use for a complex and lengthy process. When it comes to M&A tenders, capital raising and other corporate events, there are a myriad of documents that need to be reviewed before a decision can be made. The process of combining all this information is time-consuming and is prone to errors.
There are a variety of key features that can help in making the review process much more efficient. One of the most important is a dependable Q&A tool that allows you to add comments or questions to all documents within the data room in real-time. Another option is a variety of security options like fence view, screen-locking and encryption. These can help prevent unauthorised access and lower the risk of cyberattacks or breach that can occur when sensitive files leave the firewall of your company.
Another important feature is adjustable permission settings, which can be set based on the role, folder and document level. It is possible to limit the downloading or viewing of spreadsheets to only certain users and allow them to add notes.
If you need more advanced features, search for a provider that offers customisable security controls. For example, iDeals allows you to apply a custom watermark to every document and to set multiple user permissions including ‘view only’ modes including fence view screen blocking remote wipe, and up to eight levels of access control. It also supports multiple languages and has redaction built-in.