For many companies due diligence is considered to be one of the most challenging steps in any business deal. A virtual data room that is well-managed for due diligence can ease the burden by providing an efficient and secure method to collect and distribute documentation to other companies. In addition to being a helpful tool for automation, it also guards against data leaks and gives an audit trail to protect both parties.

To ensure that your due diligence process as smooth and efficient as possible, you should look for these features in a virtual data space:

Accessibility

Your VDR should allow for simple and speedy file and document scanning. This will decrease the time required to upload and transfer files to your online repository. It will also eliminate the requirement to manually scan and rename documents prior to storing them. Your virtual data room must be compatible with multiple platforms and accessible via any browser. This will allow users to view your information regardless of their computer proficiency.

Indexing and reordering documents

During the due diligence process your investors will have to look through a variety of documents in a particular order. To avoid getting confused and slowing down the process it is imperative that your VDR has a logical organization of all important files. You must be able to categorize each file into its own folder, and be able to reorder the categories as you move through the diligence process.

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