For major events such as mergers and acquisitions, tenders, and capital raising, getting all the information required requires combing through tens of thousands of highly private documents. Unfortunately, in the past physical documents were the only way to review all the data needed.
The positive side is that modern due diligence data rooms make it easier for interested parties to work on files simultaneously without risking security or having sensitive information exposed accidentally. If you’re comparing different providers, how can you determine which are truly worth their cost? First, you should look for a mixture of basic and advanced tools. Look for a user-friendly interface that encourages collaboration and keeps everybody on track, and look for smart tools such as hire an acquisition management specialist personally-identifiable watermarks, a unique document tracking mechanism perfect for M&A due diligence processes, and a full audit trail of all file activity.
A key feature to consider when considering a project is its ability to customize access rights for different groups of users. This lets you assign print, read, and download rights to specific individuals within the project. This will ensure that your sensitive documents are protected from unauthorized external activity or internal mistakes. This can also prevent accidental uninvited exposure.
The most effective online data room software also enables you to create detailed reports on all file activities in your project, including who viewed what files and who did what with what files, and the number of times that certain files were downloaded or printed. This insight will provide you with a more clear picture of how your due diligence data rooms are used and optimize their use for future projects.