Key Features to Look For in Your Data Room Software
Your data room is a distinctive due diligence tool that offers structure, organization and a user-friendly interface for a complex and lengthy process. In M&A tenders, capital raising and other corporate occasions, there are numerous documents that must be reviewed before a decision can be made. Combing through all of this information is time-consuming and is prone to errors.
Fortunately, there are many important features that can help to make the process of reviewing much more efficient. One of them is a dependable Q&A tool that allows you to add comments or questions and responses to all documents in the data room in real-time. Other security features include fence view security, screen locking and encryption. These will help in preventing unauthorized access and reduce the risk of cyberattacks or breaches that might occur after sensitive data leaves your firewall.
Another crucial feature is the granular permission settings, which can be applied based upon the role, folder, and document level. For example, you may wish to restrict access or downloading of spreadsheets to specific users only, and also offer the option for users to add notes.
If you’re looking for more advanced features, look for a vendor that provides customizable security controls. For instance, iDeals allows you to apply a custom watermark to any document and set up multiple user permissions including ‘view only’ modes, fence view screen blocking remote wipe and up to eight levels of access control. It also supports multiple languages and has redaction built-in.