There are many benefits to setting up a virtual data room, yet the setup process itself can feel intimidating. By following a few simple tips, you can ensure that your dataroom setup will move smoothly and efficiently, providing the end result of a safe and secure virtual environment for your confidential information.
1. Invest in professionals
Setting up your own virtual data room from scratch is not the best DIY project. It’s best to hand this project over to a knowledgeable professional right from the start. Using a low service dataroom with only technical support or a help website is not a good idea. One of the perks of using a professional data room provider is that they often have deal coordinators who will assist you throughout the process. Their expertise will help you save both time and money during the setup and transition stage.
2. Prepare a data room index
Preparing the dataroom index in advance will prove very useful during the setup of the project speeding up the transaction. Make sure to ask your data room provider for samples or recommendations for your type of transaction and industry. Knowing in advance the documents that will be needed will add structure and order to the set up process. Remember to double-check the index against the finished data room to ensure transfer completion.
3. Prepare your documents
Documents that are still in hardcopy format will need to be scanned, and virtual documents need to be in the proper format. When scanning documents, they need to be the proper resolution for optimum viewing. Asking your dataroom provider to take over the reformatting process can be another great time-saver.
4. Think about permissions
It’s a common mistake to plan out your virtual data room first, then think about permissions after the fact. This isn’t the best order to take care of business, however. Incorporating the type and levels of permissions at the planning level will drive the index structure. A well-planned permissions framework will make future backtracking unnecessary.
Eliminate Risk, Verify the Assigned access Rights
Leading Virtual Dataroom platforms provide the facility/feature to double check the access rights set for each participant. You should also recreate the live environment by logging in as one of the potential participant to verify the security permisions assigned.
5. Assign one dataroom owner
Often times you will have a whole team helping you taking care of different aspects of the transaction. This could be your Legal Advisors, Tax Consultants and so on. You should clearly discuss with you deal coordinator on the role each of them are to play in the transaction and the escalation matrix that needs to be followed in addressing the queries that arise from the participants.
Although there are many details involved in setting up the ideal data room for your organization, enlisting the help of professionals is the first step in getting organized. By utilizing their expertise, and the tips listed above, you’ll be well on your way to a safe and secure virtual environment. The end result will be a virtual data room that was set up with significant savings of both time and money, yet does everything you need it to do in order to benefit your daily operations.
