The design of your data room can help you ensure the success of your project. The user interface, file type and size limitations, and storage are among the most important elements to think about. Also, you should look into the compliance features and what type of auditability you will get with the service. Compliance features can help reduce the risk of fines and legal action. They may even cause the closure of your company.
The way the data room is organized and indexed is another aspect to consider. How files are arranged and identified and in what format they are uploaded will have an enormous effect on how easily they can be later located. For instance, separating text documents into PDF format and financial documents into Excel makes it easier to browse and manipulating the files. In the name of the file or folder, it may be useful to include the date the file was uploaded and other relevant details.
Maintaining a current data room will help you and your investors save time, particularly when it comes to due diligence or a potential deal. It will also show that you are taking investor communication and transparency seriously.
When selecting a platform, make sure that it has granular permissions. This will allow you to control the type of files users can view and download. Also, ensure that your service is able to encrypt your files during both storage and transmission. This will increase the security of your project. Other features that will improve security include a customizable session timeout that closes the user session after a certain amount of time if they don’t log out, as well as multi-factor authentication which requires more than just an account password to access the system.