For many businesses, due diligence is one of the most difficult steps in a business deal. A well-run virtual data space for due diligence can ease this burden by providing an efficient, secure method to gather and distribute information to second companies. It’s not just an efficient tool to automate data collection, but also protects the information from leaking and provides an audit trail to ensure that both parties are protected.
To ensure that your due diligence process is as smooth and efficient as possible, you should consider the following features in the virtual data room:
Accessibility
Your VDR should permit easy and speedy document and file scanning. This will reduce the time required to upload and transfer files to your online repository. It will also eliminate the need to manually scan and rename the files before storing. Furthermore, your virtual data room should work with multiple platforms and be accessible through any browser. This will let users look through your data regardless of their computer capabilities.
Document indexing and reordering
During due diligence, your investors will have to look over various types of documents. It is important that your VDR have a consistent structure for your files in order to keep them from getting secure document management confused and slow the process. You must be able classify each file in the appropriate folder and be able to change the order of these categories as diligence gets more advanced.