If you’re in charge of the process of facilitating due diligence and you want to reduce the stress on project participants, using a virtual data space could be the ideal solution for your business. There are many providers available, and picking the right one may require time and effort. It is crucial to ensure that you select a company with an intuitive interface that is a good fit for your industry, and will be easy for all of your participants to use.

It is recommended to choose a virtual dataroom that has watermarks or other security measures to avoid security breaches. Some providers also offer the functionality to present a NDA or Terms of Access agreement to users prior granting access to upload files. A more user-friendly method to sign off is also necessary.

Another method of improving due diligence is to organize documents into a well-organized and structured folder system. This preeminent providers in due diligence involves creating primary folders for each kind of file, the level or security of the project, and subfolders that further divide files into easily accessible sections. To keep the structure as well-organized as possible, pick an online service that provides file indexing and auto-numbering features.

You should also look for virtual rooms that provide various options for managing files. For example iDeals’ virtual data rooms have eight different levels of access for controlling access to uploaded documents which include read-only mode fence viewing, download and editable Excel sheets. In addition, the platform offers 256-bit encryption and remote shredding to ensure security.