The majority of people think of the dataroom as a tool that can be used to facilitate virtual data rooms the due diligence process of the event of a merger or acquisition. However, the advancements in technology and the trend towards remote working have led to a number of companies adopting data rooms to aid other tasks such as tenders, fundraising or even business restructuring.
To make the most of a data room, you should ensure that the room has organized folder structures as well as clearly labeled documents, allowing third parties to quickly find information that they require. You can also add descriptive information to files, such as notes on background and summary. This can help users focus on important elements in documents without having to read the entire document.
You should also look for an option for Q&A that can help you manage the often lengthy process of asking questions and answering of due diligence. An effective Q&A tool will help you manage questions from the buyer’s perspective in a way that is controlled and also provide a central location for storing, tracking and follow-up on answers. It’s also worth considering a solution that allows users to make personal annotations to documents that can only be viewed by you.
A data room must offer strict access controls to stop sensitive information or confidential data from falling into the hands wrong individuals. Find a company that has a variety of reports that detail user activity and the documents that are examined, and whether they’re downloaded or printed.