Q&A is an effective due diligence tool that enables anyone with access to your VDR to ask questions and get answers. It improves communication and reduces the amount of effort in multiple meetings. It also ensures that the key parties on both sides of the agreement have a clear understanding of the project’s conditions and terms, as well as what is expected of them.
The Q&A feature is pre-installed in Firmex and can be turned on when creating an entirely new Data Room or editing an existing one. When Q&A is enabled there is a tab called Question visible in the Data Room. To ask a question, just click the Question button within the interface for the data room. A pop-up will appear and allow you to enter the title of the question, provide more detail, and hyperlink to a reference document. You can save the question as a draft (if you are an Author) or send it to the Answer Side (if you are a Question Coordinator).
When the Q&A process is in motion and participants are notified when the question they asked has been answered. This can be done by selecting an icon on their screen. Then, they can view the response, or revisit the question to request more details. The Q&A tool can be used to conduct due diligence in M&A as well as RFP/RFI procurement processes. It can be adapted and customized to your needs.
Automate the Q&A process to ensure that questions are emailed to the right team, without manual assignment. This allows subject experts to concentrate more on answering questions rather than on managing the task at hand.
