The success of big business events such as capital raising, tenders, mergers or acquisitions is contingent on obtaining all the facts. This could mean scouring through tens of thousands of highly confidential documents and making sure the information doesn’t fall into the wrong hands. With the use of a virtual room for data, companies can view and access all the documentation required simultaneously. This helps streamline the due diligence process, speeds up complicated transactions and lets participants concentrate on their tasks earlier.
It is crucial to look at how user-friendly and easy the platform is to operate when selecting the most reliable online data rooms. Read the reviews of different platforms to determine how often the word “easy appears. Once you’ve shortlisted the providers you want to test their service for a week or a month and then run mock-ups of the most important due diligence processes.
Whether you prefer a top-down or bottom-up approach to organizing the information is also vital. The first option is to create primary folders that are devoted to specific types of documents, project stages or departments and then subfolders that further divide. The latter is more popular and makes it easier for everyone to locate the files they need.
Other features worth considering include multilingual search (about 16 languages), OCR, file preview, smart AI categories and document sorting. A customizable watermark can help protect the integrity of documents as well as prevent the sharing of documents without permission, while a built-in confidentiality agreement requires users to agree to certain terms before downloading or viewing the documents.