Key Features to Look For in Your Data Room Software

Your data room software is a unique due diligence software that gives structure, organisation and ease of use to a complex and lengthy process. During M&A, tenders, capital raising and other corporate events, there are countless documents that need to be reviewed before a decision can be taken. Making sense of all this information is time-consuming and prone to error.

There are a variety of crucial features that will help to make the review process much more efficient. One of the most important is a powerful Q&A tool that lets you add comments or questions and responses to all documents within the data room in real-time. The other is a range of security options like fence view, screen-locking, and encryption. These options can help to prevent unauthorised access, and lower the chance that cyberattacks, or security breaches could occur when sensitive data leaves your company firewall.

Another feature that is essential is the flexible permission settings that can be set based on the role, folder and document level. You might want to limit the viewing or downloading of spreadsheets only to certain users, and let them add notes.

If you need more advanced features, look for a service that provides customisable security controls. For example, iDeals allows you to add a custom watermark on all documents and configure a variety of user permissions including “view only” modes including fence board portal providers view screen blocking, remote wipe and up to eight levels of document access control. It also supports multiple languages and has redaction built-in.