The most important aspect of any Data Room is that it is secure. In most cases, this means you can use granular permission settings and monitoring capabilities to ensure that the information is only seen by the people you want to see it by. Watermarks or expiration dates on documents and other security measures can also be used to protect against leaks of data. It is best to look for a service that provides the full range of these options so that you can tailor your data space to your specific needs.
Another essential feature is the ability to monitor the activities of your Data Room with a simple to use dashboard. This will allow you to keep track of what has been seen and for the length of time, so that your data can be accessed by the correct people at the appropriate time. This is particularly useful in M&A transactions where you’ll need to share information with a third party who may not know your business.
You should also make sure that your Data Room can store the documents you are planning to upload. Look for a provider with scalable packages and subscriptions, so that you can upgrade and downgrade as your data room requirements change. It is also essential to ask if the provider offers tools for managing tasks within your Data Room. These tools will allow you to assign reading and uploading tasks to users, and monitor their progress.