When people think of a data space, they envision a tool to aid in the due diligence process of the merger or acquisition. Data rooms are used by many businesses to facilitate other activities like tenders, raising funds, or business restructuring.
To get the most benefit of a room for data, you must ensure that it has a logical folder layout and clearly labeled file files, to ensure that third parties quickly find the information they need. You can also include descriptive information in files such as notes on the background or summary. This helps stakeholders focus on the key elements of documents without having to read through the entire document.
You should also consider an option for Q&A that can help you manage the lengthy question and answer process of due diligence. A Q&A tool that is effective will help you answer buyer questions in a controlled manner and offer a central system to record, store and follow up on the answers. It’s also worth considering the possibility of using a tool that allows users to add personal annotations to documents that can only be viewed by you.
It is essential that a data room is able to provide an access control system that is granular to stop sensitive or confidential information from falling into the improper hands. Find a data room provider that offers a variety of reports that provide details about the user’s activities. This includes which documents were viewed, as well in the event that they were downloaded or printed.