Key Features to Look For in Your Data Room Software

The software for your data room is a unique due diligence tool that gives structure, organisation and a user-friendly interface to a complicated and protracted process. In M&As and tenders, capital raisings, as in other corporate events, a large number of documents need to be reviewed in order to make a decision. It is time-consuming to go through all this information, and it can lead to mistakes.

There are numerous features that can improve the process of reviewing efficient. One of the most effective features is a powerful Q&A feature that lets you add directory comments, questions and answers in real-time to all documents within the data room. Other security features include fence view as well as screen locking and encryption. These options will help in preventing unauthorized access, and reduce the possibility that cyberattacks and breaches could occur once sensitive data leaves your company firewall.

Another important feature is granular permission settings, which can be set based on role, folder and document level. You might want to limit the download or viewing of spreadsheets to only certain users, and let them make notes.

If you’re looking for more advanced features, select a provider that can provide you with custom security control. iDeals is one example. It allows you to add a customized watermark on documents and to set multiple permissions that include ‘view-only’ modes, fence views screen-blocking, remote wipe, in addition to up to eight levels of document access control. It also supports multiple languages and has redaction built-in.