Virtual data rooms are unique tools that serve many roles; they are such valuable business assistants. For example, a VDR is not only a highly secure repository but also a tool for conducting due diligence and other complex business operations. In addition, you can manage data and interact with others anytime, anywhere. But before you can get started with your data room, you must make some preliminary settings, which you’ll learn about below.
What is a virtual data room, and why is it useful?
A virtual data room is a cloud-based online platform designed to store, protect, and share data of all kinds of privacy. Data rooms have always existed because companies have needed a place where they can store huge amounts of documents. However, this storage method has always entailed many problems, including disorganization, reduced security, high costs, and discomfort of use. With the advent of virtual data rooms, all these problems are gone because they provide a centralized online storage space that can be accessed from any device and location. Data now offers tremendous value for companies, they accumulate and use it in large quantities so that VDRs will become more useful than ever, but storage is not its only advantage; data rooms offer:
- Project management
- Data Sharing
- Communication between parties
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3 key steps to setting up a virtual data room
When you purchase a virtual data room, you need to know what to do to get started with a full-fledged data room. First of all, you should choose the right provider, as the VDR market is now crowded, and each one has its strengths and weaknesses. Choose the data room solution that best meets your needs, and then follow these three steps to get started with it:
- Create groups and add new users
The features that allow you to create new groups and add users look different in each interface, but it’s equally easy to do because VDRs provide their customers with an intuitive interface that you can adapt to in a short time. Normally, you will find the “groups” tab on the main screen. In this tab, you can set user rights and divide users into different groups, for example – a team to work on a particular project, a couple of lawyers, an accounting team, etc. Then, to add new users, enter their email addresses, and they will automatically be sent an email invitation.
- Set permissions
This is much easier to do if you split your users into groups, so you know what documents they can have visibility on and what they can’t. For example – a group of lawyers can only see legal data, and so on. Also, you can set individual, more detailed permissions, which will protect your documents and keep them from leaking. For example, you can allow and restrict viewing (in whole or part), copying, printing, uploading, forwarding, and editing the document. Choose very carefully which users can perform which action, but you can change the access rights at any time.
- Add documents and files
You can do it in the “documents” tab, where you can manage files, and other users can interact with them depending on their rights. To manage a large volume of documents, VDRs offer you various tools to make this process easier, such as bulk upload and drag-and-drop, automatic indexing and conversion, smart search, document viewer, and more.