How to Choose the Right Data Room Software for Due Diligence
When it comes to due diligence there are a myriad of factors that come into play. The ability to access documents at an centralized location is vital and allows interested parties to review them at any time they’d like. A virtual data room is an excellent solution for this. It also can reduce the cost of printing, storage and courier services if documents were to be sent in physical form.
When selecting a service be sure to offer a free trial to ensure you can test their system before signing the contract. You’ll have the chance to try the system out 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 offer support in different languages to make the process smooth for international customers.
Another thing to think about is how it is simple to upload and download files. Many providers allow drag-and-drop of multiple files to upload simultaneously. This makes the process much easier and removes the need to manually upload each document separately. They also provide granular settings for permissions as well as the ability to deprive a document of access even if it’s already been downloaded.
Also, you should look for a Q&A interactive feature, that allows users to post questions and receive instant responses from other users. This will accelerate the process of due diligence and it can also assist in closing deals faster by responding to any additional info concerns your customers may have.