User activity reporting is one of the most essential yet often overlooked online data room features. Although some advanced users actively benefit from monitoring tools, the majority are not digging into the vast potential of such reports.
Let’s take a look at why virtual data rooms enable user activity tracking, what can be measured, and how businesses can better organize internal and external workflows based on usage data.
What are user activity reports?
User activity monitoring is a summary of all actions inside a virtual data room. Reporting online data room features allow administrators to gather, filter, and analyze data.
Depending on the provider, an activity report may cover different factors and visualize information in different ways. Keep in mind that while activity reports shouldn’t be the main decision-making factor in the software selection, it is beneficial to focus on virtual data room providers that offer detailed, interactive reporting.
Why do virtual data room providers let you track user activity?
Virtual data room services are always highly functional. Therefore, in the case of user tracking reports, there are a few essential purposes, namely:
Virtual data room providers have to protect their client’s data on all levels. That’s why you will usually see sophisticated safety protocols and independent certifications in place. However, the data room users still have to keep an eye out for possible internal leaks.
Whether intentional or not, VDR visitors might gain access to files to which they are not authorized. This can happen due to admin errors during the setup or organizational changes within the company.
A user report will help spot unsolicited activity immediately and reconfigure settings accordingly. Additionally, you can use the remote shred feature to erase any trace of already downloaded files.
The larger the project, the more data storage you will probably need in the virtual data rooms. And when there are too many files, it can be challenging to track the deal’s progress. Based on the activity report, the administrators will locate the neglected areas and prompt users to pay attention to specific documents or sections of the data room.
Similar to detecting the left-out sections, you will also be able to view which files are seeing the most activity. During long-term processes such as due diligence, the increased activity can indicate progress and prepare you for the next steps.
At the same time, the report will display which users are more active than others. For example, in M&A scenarios with multiple potential buyers, this feature can help the sell-side address the most interested party at the right time. The same logic applies to fundraising virtual data rooms and many other cases.
An activity report can also help to note your team’s enthusiasm and commitment. Such insights can serve as the basis for management’s leadership and team-building strategies.
Essentially, the central objective of using virtual data room services such as activity tracking and reporting grants complete internal and external control over everything that happens in the data room space. The more informed you are, the better decisions you will make.
How to use activity reporting features?
Just as the rest of the online data room features, activity reporting is linked to each user’s needs and preferences. In general, the report can offer the following insights:
- Login and authorization summaries
- Each user’s search history inside the data room
- The exact access times and session durations
- Summaries of document viewing, printing, and downloading for each user.
Additionally, virtual data room providers might offer a snapshot view of all files and elements stored in the room. For instance, they include the number of internal and external users, the access permissions summaries, the overview of addressed and unaddressed Q&A, and more.
To make the most out of user reporting, define your organization’s requirements and the specifics of the particular project. For example, a small, family-owned firm might not be as concerned about internal data leaks as an enterprise-level company. However, they will still need to keep track of all the data and document-related activity.
- Tip: Print an activity report to present to the team at the next meeting with the team. Outline the areas that require immediate attention and address all possible queries and concerns.
Virtual data room providers that offer activity reports
Now that you know how useful activity reporting can be, you may be wondering which virtual data room providers offer that feature. The good news is that reporting is available in most VDR software. However, to ensure the most productive experience, look for:
- Informative visualization, such as heat maps or dashboard view
- Diverse device compatibility, including smartphones and tablets
- An archiving option for future reference
Virtual data rooms do a great job at streamlining complex transactions and projects. Also, online data room features, such as user reporting, clearly show that digital deal-making can be simpler and very effective.
Continue to explore the possibilities of VDR technology and ensure that you find the provider that suits your goals and budget.