When it comes to due diligence there are a myriad of factors that are involved. The ability to access documents at the same time from a central location is essential because it permits those interested to look over the documents at any time they wish. A virtual data room is a great solution for this. It can also cut down on the cost of printing, storage, and courier services if documents are to be delivered in physical form.
When selecting a service be sure to provide a trial period for free so you can test the system before signing the contract. This gives you an opportunity to see how it’s easy to set up and navigate your project. You should also ensure that they offer support 24/7 by phone and email. A good provider will provide support in different languages to make the process easier for international customers.
Another factor to consider is how it is simple to upload and download files. Most providers allow you drag-and-drop multiple files to be uploaded simultaneously. This lets you upload multiple files at once which saves time and eliminates the requirement to manually add each document. Furthermore, they provide specific permission settings and the option to revoke access even if a document has been downloaded.
Also, you should look for an interactive Q&A feature which allows users to post questions and receive real-time answers from other users. This can accelerate the process of due diligence and it can also help you close deals faster by answering any questions your clients might have.
