Your data room software is a unique due diligence tool that provides organisation, structure and a user-friendly interface to a complicated and protracted process. During M&A, capital raising, tenders and other corporate events, there are many documents that need to be reviewed before a final decision is made. It is time-consuming to look through all this information and it is susceptible to errors.
There are plenty of essential features that can be used in making the review process much more efficient. One of the most beneficial features is a comprehensive Q&A feature which allows you to add comments, questions and answers in real-time to every document in a data room. Other security features include fence view screen locking, screen locking, and encryption. These can be used to block unauthorised access and decrease the risk of cyberattacks, or breaches that could occur once sensitive data leaves your firewall.
Another important feature is adjustable permission settings, which can be used based on the role, folder and document level. For example, you may decide to limit viewing or downloading of spreadsheets to certain users and provide the option to viewers to add their own notes.
If you need more advanced features, look for a provider that offers customizable security features. For instance, iDeals allows you to apply a custom data room Life Sciences watermark to any document and set up multiple user permissions including “view only” modes such as fence view, screenshot blocking, remote wipe and up to eight levels of access control. It also supports multiple languages and has redaction built-in.