If used correctly and properly, a data space can be a valuable tool for due diligence in mergers and acquisitions (M&A). It can also be used for legal proceedings, business transactions and fundraising. It’s simple to protect and store data in a secure way so that only the required information is available to those who require it.
The first step to use a data room is to prepare the files and documents that you’ll need to upload. It is essential to anticipate which files will be requested and ensure that you have the most up-to-date versions of these documents. This could involve scanning and digitizing documents. Based on the degree of privacy you need it could be necessary to include watermarks into these files as an extra layer of security.
The next step after you’ve uploaded your documents is to organize the documents. This means creating topics, folders and permission levels that align with your due diligence check list. Version control can be useful to ensure that all parties operate with the latest version of a document. Look for a service that has a PDF index and file indexing so users are able to easily find files.
Once you’ve set up your dataroom, it’s important to monitor use. This will let you determine who has viewed and downloaded what documents, which are most popular, as well as how long they’ve been accessed for. It’s also useful to to clouddatastorage.blog/5-reasons-you-should-use-a-data-room-as-your-online-project-space/ add conditions of use for users to sign prior to viewing sensitive information.