When due diligence is the topic there are a myriad of factors which are relevant. The capability to access documents in the same time from a central location is essential and allows interested parties to review the documents at any time they wish. A virtual data room is an excellent solution for this. It also helps reduce the cost of printing, storage and courier services if documents had to be sent in physical form.
If you’re choosing a service provider, ensure that they offer a trial period to test the system prior to signing any contracts. This will give you a chance to see how it’s easy to set up and navigate your project. Make sure they provide 24/7 support via phone or email. A good service will provide support in multiple languages, making it easier for international customers.
Another factor to consider is how easy it is to upload and download files. Most services allow drag-and-drop multiple files to upload at once. This allows you to upload multiple documents at the same time making it easier to upload them all at once, reducing the need to manually add each document. They also offer granular options for permissions and the option to remove a document’s access even if the document has already been downloaded.
You should also look for a Q&A interactive feature, which lets users post questions and get answers in real-time from other users. This can help speed up due diligence and make deals faster by addressing issues that your clients may have.