Key Features to Look For in Your Data Room Software
Your data room is an exclusive due diligence tool that offers organisation, structure and ease of use for a complex and lengthy 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 final decision can be taken. Making sense of all this information is time-consuming and prone to error.
There are a variety of crucial features that will help to make the review process more efficient. One of the most useful features is a powerful Q&A feature which allows you to add comments, questions and answers in real-time to all documents within a data room. Other security features include fence view as well as screen locking and encryption. These options will help prevent unauthorised access and decrease the possibility that cyberattacks and security breaches could occur when sensitive data leaves the firewall of your company.
Granular permission settings are another essential feature. They can be applied to roles, folders and documents. For instance, you may wish to restrict access or downloading of spreadsheets to certain users only, and also offer the option to viewers to add their own notes.
If you require more advanced features, go with a provider who offers customisable security controls. For example, iDeals allows you to add a custom-designed watermark to all documents and configure a variety of user permissions including 'view only' modes such as fence view screen blocking, remote wipe and up to eight levels of document access control. It also has built-in redaction, and it supports a variety of languages.
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