How Does Q&A Work in a Data Room?
Q&A is an important component of any virtual data room due diligence process that allows bidders to ask questions about documents in a safe environment. A company may be confronted with an overwhelming amount of irrelevant questions without proper Q&A management. This can hinder the due diligence process and damage relationships between investors or buyers. Selecting the right VDR software can make this a more smooth experience for all those involved.
VDRs are a safe and centralized location for due diligence, with built-in Q&A functionality that can be customized to meet the particular requirements of each project. The Q&A feature can be combined with specific due diligence functions to create an effortless due diligence process.
During the SETTINGS step of your Data Room, choose which groups of users are permitted to use the Q&A feature, as well as the role that each user will play. For example, you can create an « Clean Room » where the only users are buyers’ advisers and your legal team (also called your gatekeeping team). This will allow you delegate and define how questions are asked and answered.
When a user with the Q&A role clicks on an index/folder/document, they can add a question by clicking CREATE QUESTION. The question is then forwarded to the Deal Team. The user who created the question will be notified after it has been answered by the Deal Team. Questions and answers can be exported into Excel for further analysis.
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