The most important aspect of any Data Room to consider is its security. In most cases, this means you can have specific permission settings and auditing capabilities to ensure the data is only accessible to the people you want it to be seen by. Document expiration dates, watermarks and other security measures are also useful to prevent data leaks. It is recommended to look for a service that provides the full range of these options to enable you to home customize the data room to suit your specific needs.
A dashboard is another important feature that allows you to track activity in your Data Room. This lets you keep track of what has been watched and for how long, ensuring that your data can be accessed by the appropriate people at the right time. This is particularly useful in M&A transactions where you’ll have to share your data with other parties who aren’t familiar with your business.
It is also important to ensure that your Data Room has enough storage capacity for the volume of documents you intend to upload and store. You should search for a provider that offers packages and subscriptions which are flexible so that you can upgrade when your needs change. It is also important to inquire if the provider provides tools for managing tasks in your Data Room. These tools will let you assign tasks for uploading and reading to users and monitor their progress.