22 Oct How to Choose the Right Data Room Software for Due Diligence
There are a variety of factors to consider when it comes time to conduct due diligence. The most important is the possibility of accessing documents from central locations, so that interested parties can review the documents at their leisure. A virtual dataroom is a great solution to this. It also reduces the cost of printing, storage and courier services that would be required if physical documents were to be shipped.
When selecting a service be sure to offer a free trial so you can test their system before signing an agreement. You’ll be able to test the system and see how easy it is for you to navigate. Check if they offer 24/7 support via email and phone. A good company will provide support in multiple languages to make it easier for international users.
A second aspect to consider is how easy it is to upload and download files. Many providers allow drag-and-drop of multiple files to upload at once. This makes the process quicker and eliminates the need to upload each file individually. Furthermore, they provide access to granular permissions and the option to remove access even though a document has been downloaded.
You should also look for a Q&A interactive feature, which allows users to submit questions and get answers in real-time from other users. This can speed up due diligence, and also make deals faster by addressing issues that your clients may have.