For many companies, due diligence is one of the most difficult aspects of an agreement. A well-run virtual space for due diligence eases this burden by providing an effective, safe method to collect and distribute documents to third-party companies. Apart from being a useful tool for automation, it also safeguards data from leaks and gives an audit trail to protect both parties.
You should search for these features in a virtual room to ensure that your due diligence is as smooth as possible.
Your VDR must allow for easy and quick scanning of files and documents. This will decrease the time required to upload and transfer physical files to your online repository, and also eliminate the need to manually scan and rename them prior keeping them. In addition, your data room should be compatible with multiple platforms and be accessible through any browser. This will ensure that users can browse the information you share regardless of their computer proficiency level.
Indexing and reordering documents
During the due diligence process your investors will need to go through different types of documents in a specific order. To avoid getting confused and slowing the process it is imperative that your VDR is organized with a clear structure for your important documents. You should be able to categorize each file into the appropriate folder and be able to reorder these categories as diligence progresses.