There are a variety of factors to take into consideration when it comes to perform due diligence. The capability to access documents in a central location is crucial and allows those interested to look over the documents whenever they want. A virtual data room is a fantastic solution to this. It also helps reduce the costs of storage, printing and courier services that are required if physical files were to be shipped.
If you’re selecting a service provider, ensure that they provide a trial period to let you test the system prior to signing any contracts. You will be able to test the system and observe how it is easy to navigate. You should check if they offer 24/7 support via email and phone. A good service will provide support in multiple languages, making it easier for international users.
Another thing to think about is how it is easy to upload and download files. Most providers allow you drag-and-drop multiple files to upload at once. This allows you to upload multiple documents at the same time which saves time and eliminates the need to manually upload each document. Furthermore, they provide granular permission settings and the option to revoke access even if a document has been downloaded.
You should also look for a Q&A interactive feature, which allows users to post questions and receive real-time answers from other users. This can accelerate due diligence and make deals faster by addressing issues that your customers may have.