There are a myriad of aspects to take into consideration when it comes time to perform due diligence. The capability to access documents in an accessible location is essential and allows people who are interested to read the documents at any time they wish. A virtual data room is a great solution to this. It also assists in reducing the cost of storage, printing and courier services that would be required if physical documents were to be shipped.
When selecting a service ensure that they offer a free trial to ensure you can test their system before signing a contract. This gives you a chance to check how it is easy to set up and navigate your project. You should check if they offer 24/7 support via phone or email. A reliable provider will provide support in various languages to make the process easier for international customers.
Another thing to think about is how easy it is to upload and download files. Many providers allow drag-and-drop of multiple files to upload simultaneously. This allows you to upload multiple documents at the same time which saves time and eliminates the requirement to manually add each document. Furthermore, they offer granular permission settings and the option of revoke access even after a document has been downloaded.
You should also search for an interactive Q&A feature that allows users to post questions and get answers in real-time from other users. This will speed up the process of due diligence, and it can also aid in closing deals quicker by solving any issues your clients may have.
