The Impact of iDeals on Due Diligence
Due Diligence is the audit of the records of a company especially one seeking external funding. It is perhaps one of the fundamental steps taken before investors commit their resources. This process can be quite tasking without the assistance of a virtual data room provider.
iDeals pride itself in delivering virtual data room services relevant to the needs of their clients. Their VDRs possess certain attributes which make the process of due diligence quite seamless. Let’s look at some of these features:
Easy Setup – You can setup your virtual data room within minutes. This reduces the stress associated with the due diligence process.
Simple Invitation Process – You can invite members of the auditing panel for a due diligence process by pasting their email addresses into the virtual data room. This is a better approach to the traditional method of auditors appearing physically and provided with bulks of papers to scrutinize.
Easy Uploads – You can upload documents by dragging and dropping documents from your computer to your VDR. Also, iDeals supports different document formats so you can upload your company documents for auditing without having to convert to a different document format. This saves you and your firm time in the long run. Bulk uploads is also possible with this iDeals virtual data rooms.
Q&A Section – iDeals has a well thought out question and answer segment which allows participants in the virtual data room ask questions regarding the gray areas of the records of the company under scrutiny. This makes the process of due diligence faster and uncomplicated.
Document Control – Administrators of an iDeals virtual data room manage the use of documents by participants in a data room. You determine the documents which representatives of the funding company have access to. This protects your documents from falling into the wrong hands. Also, permissions for document access are granted for each user separately. This means only users with the necessary permission will be able to view, download or print documents in your virtual data room.
User Activity Tracking – Due diligence can be a suspense filled period. Your company could remain in the dark pending the outcome of the audit session. The situation is different with the use of the iDeals virtual data room. You can track the activity of participants in your virtual data room. By the observation of the documents viewed by users, you can predict the outcome of an auditing process. This breaks the suspense typical of such a process.
Adequate Security Parameters – Any online interchange of information is susceptible to attack from unscrupulous individuals. However, the potential of such an attack is reduced with the use of virtual data room vendors. iDeals have several security measures which keep unauthorized users at bay. Their data centers are ISO 27001 certified. iDeals protect the information shared on their platform using the 256-bit encryption which is the best in the industry. Dynamic watermarks can be applied to all documents uploaded to your VDR. This ensures the documents uploaded to your virtual data room are tracked even at the end of the due diligence process.
iDeals prevent attempts by users to capture information shared in the virtual data room with the use of the fence view feature.