For significant events like mergers and acquisitions, tenders, and capital raises, obtaining all the facts requires an exhaustive search through thousands of highly private documents. In the past, physical files were the only way to access all the information required.
The good news is that modern due diligence data rooms make it possible for interested parties to work on their files simultaneously without putting security at risk or having their sensitive information exposed accidentally. If you’re looking to compare providers, how do you know which ones are truly worth the price? Look for a combination of basic and advanced features. Look for a user-friendly interface that encourages collaboration and keeps everybody on track, and look for smart tools such as 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 feature that is important to look for when evaluating a project is the possibility of modifying access rights for different groups of users. This lets you define read, download and print rights a knockout post for specific stakeholders in the project. This will ensure that the sensitive documents are safe from malicious external activities or internal errors, as well as accidental exposure that is not authorized.
The most effective online data rooms also allow you to create detailed reports of all the file actions within your project. This includes who has viewed the files and when they were open, who did what actions on the files, and the number of times certain files were printed or downloaded. This information can help you get a clearer picture of how your due diligence data rooms are being utilized and how to optimize their use for future projects.