Key Features to Look For in Your Data Room Software
Your data room is an exclusive due diligence tool that offers structure, organization and a user-friendly interface for a lengthy and complex process. When it comes to M&A, capital raising, tenders and other corporate events, there are a myriad of documents that need to be reviewed before a decision is made. Compiling all this information is a time-consuming task and prone to error.
Thankfully, there are several essential features that can be used to make the review process much more efficient. One of the most useful features is a powerful Q&A feature which allows you to add questions, comments, and answers in real-time to all documents within the data room. Other security features include fence view, screen locking and encryption. These can help prevent access to your data that is not authorized and reduce the possibility of cyberattacks and security breaches that may occur after sensitive files leave the firewall of your business.
Another crucial feature is the 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 only to certain users, and let them add notes.
If you need more advanced features, you should choose a provider who offers customisable security controls. iDeals is one example. It allows you to add a customized watermark to documents and configure multiple permissions, including ‘view-only modes, fence views, screenshot blocking, and remote wipe, and up to eight levels document access control. It also supports multiple languages and has redaction built-in.
