How Does Q&A Work in a Data Room?
Q&A is an essential component of any virtual data room due diligence process that allows bidders to ask questions regarding documents in a safe environment. Without an effective Q&A management, a company may receive an overwhelming amount of irrelevant questions, which can slow the process down and harm relationships with investors or buyers. The best VDR solution will make the process more seamless for all parties involved.
VDRs provide a central, secure location for due diligence. They come with built-in functions to ask and answer questions. This can be customized to meet the specific requirements of each individual project. The Q&A feature can be coupled with special due diligence functions to create an effortless due diligence process.
In the SETTINGS area of your Data Room you can choose which groups of users are permitted to use the Q&A feature as well as what the role each user is allowed to assume. For example, you can create a “Clean Room” where the only users are your buyer’s advisers and your legal team (also known as your gatekeeping team). This will let you delegate and organize 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 will be sent to the Deal Team. After the Deal Team has answered the question, the user who asked the question will be informed. All questions and answers can also be exported into Excel for further analysis.