A virtual data room is an effective tool to simplify and improve your work. However, it can increase your productivity many times over when used correctly. If you’re looking for a way to get more value out of your virtual data room, this article is just for you. Here you will learn best practices for using VDRs that will help improve all your processes even better than before.
Devote enough time to planning
Even before you start setting up your virtual data room, you should make a clear plan about the long-term use of the solution. To effectively formulate this plan, answer the following questions for yourself:
- Will new documents need to be uploaded throughout the process of some transactions?
- How will you correctly name your files and folders so that they are easier to find later on?
- How can you make life easier for your potential partners while using VDRs?
Answer the above questions, then, in the experience of many data room users. As a result, you can ensure a smooth transaction process because it will help avoid duplication of work, unnecessary exchange of documents, etc.
Use all available features
After acquiring a virtual data room, the chances are high that the features that the provider provides for you will be advantageous to your business. Don’t hesitate to start using them to the fullest to make it easier for yourself and your colleagues and potential partners. Use automation features during data structuring, reporting features for analytical sessions, and security features to provide a secure and controlled environment. Together, all of the features that VDR offers create an efficient system and save a ton of time, effort, and cost.
Providing training to your team
Typically, companies need a virtual data room for one or more critical projects, so work with it is expected to be tight. You don’t want to slow down because of misunderstandings among your employees about how to use the new system, so you better make sure everyone is up to speed. Have frequent meetings with your human resources and account manager before you start your main job, and ensure your employees know how to use the new system. However, given the simplicity of the data room interface, this shouldn’t be too much of a problem, and with the proper training, it shouldn’t take you more than a week to adapt. Some VDR providers offer support and training on how to use their tools. In addition, they may provide self-study materials or various consultations and webinars for this purpose.
Applying Access Rights and User Permissions
Explicit permissions are one of the most essential and useful features of a virtual data room, but many people are unaware of its additional features. You want to build the most trust with your potential partner, but when he asks for full access to the document, you worry about its integrity, which is entirely normal. That’s when the time bomb feature comes into play, which allows the user to have full access to the file temporarily and when it expires, access is instantly blocked. Flexible settings enable individual users to see and interact with only those files and folders to which they are directly related. There are innumerable combinations of these permission settings, so your benefit is only in your hands.