A few decades ago deal-makers fed up with sleepless nights spent in data rooms had no idea that their inconveniences had a visible ending. With the launch of virtual room for data storage and exchange at least half of the problems related to deals execution had been eliminated. And today none of the respectful firms or corporations would initiate a project where virtual data room is not involved.
The reason for such a boom connected with VDRs is simple: deal-makers quickly realized that these digital venues are not merely space to store files – they are fully functional software that speeds up the work with documents. You edit files, share them with selected users, discuss, edit again, download, sort due to various characteristics and to do all these actions you do not even need your computer as the major virtual data room vendors provide their clients with mobile applications. If you entered a virtual room once you are likely to keep on using it in the future: it is hard to reject such a helpful assistant. If you hear someone complaining about online repositories you may assume that they have either chosen the wrong platform or failed to understand how to use the room.
Hints on Productive Virtual room Usage
Before you even start working inside the room you should make sure that you know what to do and how to do. Otherwise, you risk joining the group of unsatisfied users who complain and write incriminating VDR reviews. Hence, to begin your collaboration with a room properly you should:
- Undergo a training which is usually offered for new users;
- Read all the instructions and FAQ to make sure you understand which instruments the room offers you, how you should use them, and what kind of risks you may face;
- Ask the support team for help whenever you have any doubts. It is better to clarify all the disputable aspects immediately so that you do not endanger the safety of your data;
- Check any updates announced. You usually receive a letter from a vendor when new features are being added or when any changes in functionality take place.
If you follow these simple tips you would have a clear vision of what opportunities the platform offers you. Hence, you would not miss a chance to benefit from the full range of options available. But while organizing your work inside the repository you should also stay stick to several rules that would simplify your work and prevent the unpleasant situations when some of your data is compromised:
- Organize your files logically in a system that would be understandable for you, your employees, and the room visitors;
- Ascribe tags and keywords to every file so that you can easily find it whenever you need it;
- Install a mobile application so that you have an access to your VDR 24/7 – you never know when you would need to enter it;
- Eliminate the main security risks: use strong passwords, apply 2-step verification, do not neglect watermarks;
- Do not miss your chance to manage the access of employees and external visitors. You are allowed to create discreet permission groups and ascribe certain rights to each group – this feature would help you to establish the dialogue with several groups of stakeholders within one room;
- Impose limitations on downloading or printing – only a few selected users should have such rights;
- Set up expiry period for the files: you do not want your former partners or employees to store your corporate documents on their computers;
- Communicate via Q&A instead of emails – it is more convenient and secure way of the deal discussion;
- Do not neglect audit logs as they are full of helpful insights into the activity of VDR visitors.
Hopefully, this small set of hints would help you to enhance your work inside the room. Any VDR is a valuable instrument in the hands of a wise user.