Your Business Needs a VDR – March, 2018

Just a few years ago VDR cloud storages were tools with pretty unclear function. Why do you need to store your data in the ephemeral cloud if you can keep the files on internal servers or in tangible papers? Why would you share information via some room if you can send an email or invite a partner to a meeting? These and many other questions were disturbing deal-makers and preventing them from moving their businesses to the cloud.

The first category of businessmen who realized all the benefits of VDRs were those involved in merger and acquisition transactions. As they used to utilize land-based repositories previously the advantages of virtual rooms were evident to them. Gradually, big corporations and law firms grasped how they could benefit from cloud-based repositories. And, step-by-step, exploitation of VDRs stopped being a privilege of the rich and well-known: even small enterprises and private users may open their data rooms today.

As of now, the rejection to exploit the cloud for data storage and exchange triggers more questions than the intention to move online did previously. Why would you prefer inconvenient and insecure internal servers to a highly protected and functional VDR? Indeed, the latter gives its users a chance to get rid of papers, to reduce the expenses, and to increase the security. Despite the benefits experienced by the room owner, the service makes the collaboration with external actors easier. If you skip moving your business to the cloud you might face plenty of misunderstandings in a course of any deal or transaction.

VDR cloud

Hints on Moving Your Data to the VDR cloud

Now it is pretty clear that you have to exploit a VDR cloud to remain competitive in the market and to manage the work of your company successfully. But before you can benefit from all the options and tools offered by virtual data room providers you have to pick one and to move all your data to the new storage. Let’s assume that you have already purchased a subscription to a data room. So, what is next? The following tips should help you to complete the transition from the offline environment to the cloud:

  • Look through the files you have and decide which of them are still relevant. Perhaps, some of your documents are totally useless and outdated and there are no reasons to move them to the cloud;
  • Digitalize the selected files. The only way to do it properly is to scan them. You should keep in mind that scanning seems to be obvious and easy only from the first sight. To keep the documents in a high quality you should follow a few tips on scanning that are not to be listed here;
  • When all the files have their digital copies you should sort them. To do it successfully you must come up with a logical and convenient system of sorting the documents. The folders might be created due to the projects, due to separate employees, due to departments of your company, etc. Think carefully about it as a chaotic VDR is a useless VDR;
  • Ascribe tags and keywords to all the files you upload. It would save you, your employees, and the room visitors a considerable amount of time as it would optimize the search for required documents;
  • When your file system is ready you may start inviting the users. But before you add everyone on the list of potential visitors, you should decide who would have an access to which files and folders. It makes no sense to disclose all the documents to all the employees, not mentioning external visitors. Hence, you should ascribe certain status to each user and only then open the doors of your VDR cloud.

The transition to the cloud is not that time-consuming as it might seem. But when you move your data and certain business processes to the cloud you should remember about two crucial things – convenience and security. If the file system and users’ segregation you came up with satisfies these requirements then you may relax and enjoy using your new data room.

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