Virtual Data Room Blog

Data Room setup: the ultimate guide

01-Sep-2021 18:34:00 / by Maria Rubio

Save time while running a deal is crucial and setting up the virtual data room with the right provider can make your life easier.

set up data room


We have listed some points that will not only help you in the data room setup but also in running the transaction smoothly:

1. What are the project milestones?

A data room should be up and running in minutes but it is important you know in advance the following:

  1. When you need to launch your data room project,
  2. and when you will choose your data room provider.
  3. When access will be given to third parties.
  4. What is the estimated date of data room closure (this can help to get a more customized quote)?

2. Look for an easy-to-use data room platform:

You may want the data room for a month or a year but in any case, the platform should be easy to understand and work on.

Ask for a demo or even a trial to get the hands-on experience. This will ensure that the platform is simple to follow and you will not have to spend a lot of time understanding how it is supposed to work after the data room is set up.


3. Understand the pricing and service proposal:

Make sure you have discussed the pricing of the data room with the provider in detail and the same is reflected on the contract. Make it a point to talk about any hidden or additional fees that may surprise you over the course of the deal.

For example, adding new users, needing more help (extra hours) from the DataRoom Specialists team, extra features (Q&A, alerts, layered protection), getting a deal bible at the data room closure...

It is always advised to go with a provider who has a flat fee-based structure and can customize the quote based on your needs.

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4. Know in advance what features and services are included:

Another extremely important point that you should discuss with the data room provider is the kind of support and service they offer.

Is it limited to weekdays only? Do they have fixed hours? Are they available on chat, email, and call? Can they help in data room management or just technical support? Do they prepare deal bibles at project closure?

Having a strong support team that is available 24/7 can be very valuable as you can delegate the data room tasks such as “adding users, uploading data, or assigning permission” to them and focus on the more important stuff. In addition to this, always ask the provider if they have Support Guides for various data room functions that can be shared within the team so they don’t spend much time in learning the steps.

Click here to see the complete list of services and features included.


5. Keep things ready:

Once you have decided on the provider and signed the contract, it should not take more than 30 minutes for your provider to launch the data room. However, they would need some details from you for the data room setup and it is always better to have them decided in advance. They are listed below:

  1. Name of the project.
  2. Initial user list.
  3. Initial folder structure (or data).
  4. Level of security.

Instead of spending hours searching for the perfect data room provider, use the points mentioned above and make an informed decision, faster.

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Topics: Data Room, virtual data room, virtual data room comparison, data room setup