You might think that when you have established your own virtual data room your work is done and the room itself would function smoothly. To some extent, you are right as a decent virtual platform does not require your permanent attention. But if you want your VDR to show you all of its abilities then you should be a bit more active and involved into the performance of your repository.
It might seem that when you uploaded your documents to the room and when you have invited all the visitors you planned to share some information with, you have nothing to do. If you are lazy and barely worry about your project outcome you can forget about the repository and let it exist on its own. However, if you are a bit more attentive you would notice that virtual data room vendors equip their products with so-called “activity tracking” function. To clarify how it works we can refer to a simple example. Let’s imagine that you are involved in a merger and acquisition deal. To sell your company or its assets you have invited several bidders and you share some documents depicting your performance via a VDR. You know that the bidders have access to your files and you know that they probably do examine your papers. Activity tracking function helps you find out who did what in your room, which documents were viewed, how much time each visitor spent working with a particular file, etc. All the information on actions that occurred inside the room is accumulated into an audit report. Hence, to be aware of the deal course you need to check the reports regularly.
Why SHOULD YOU PAY ATTENTION TO THE Audit Logs?
It is tempting to neglect audit reports as they do not seem to be an amusing reading. But ignoring audit logs would be your mistake as they contain lots of valuable information. We offer you to look through the benefits you experience when you regularly check the logs:
- You are always informed. There is no such action that remains unnoticed by activity tracking tools and that does not appear on the report. Hence, whoever enters the room – you always know which steps they made;
- Your documents are protected on one more level. In a case some of your files disappear from the system you know who is responsible for deleting them. Also, you should not worry about the unauthorized sharing as you know for sure who downloaded or printed a certain file;
- You know which of your employees are more industrious. As all the actions are being captured you can compare the activity of your employees or teammates. On the basis of this information, you might relocate the resource, promote or punish your employees;
- You can follow the actions of your bidders. If you are selling your company you are interested in the most profitable outcome of the deal. With the help of activity logs, you can monitor the bidders that seem to be the most engaged in the process and the most interested in buying your assets. Hence, you can concentrate on communication with them.
As you can notice, audit logs inform you about the behavior of your own coworkers and of the external visitors. Even though the information for all the users is more or less identical – a list of actions they performed – you might know how to use this data to enhance your work in the future. Indeed, a small shift in communication with employees or bidders might bring you additional profit.
The activity tracking feature is offered not only by the best virtual data room platforms – the regular VDR providers also equip their rooms with tools for activity tracking. Hence, it would not be hard for you to find the virtual platform which you can afford and to benefit from regular activity logs.