How to set up a data room?

Trying something new is always exciting but scary at the same time. While company owners want to simplify business processes and accelerate deals, they are as well worried something will go wrong with the digital data room. Especially if they’re not that tech-savvy and don’t feel confident around computers.

But there is nothing to be afraid of. Virtual data rooms are extremely easy to set up. Most providers will offer you to choose whether you want to deploy your deal room on-premise or in the cloud. Then the vendor will take care about deployment – it will take just a few minutes. And when you have your secure virtual data room ready to set up, you will have to go through only four simple steps.

First of all, upload all the files required for the upcoming project. If you already have a system of folders on your computer – simply drag and drop everything to your data room. The hierarchy will remain preserved. Therefore, you won’t have to work on it again.

But if chaos rules your corporate repository, it’s the right time to bring in some structure. Upload all the files you have to your data room, and then establish a system of folders and subfolders so that it will be easy to find a required document later. Don’t slack on this step! It is vital to create a neat and understandable hierarchy. It will have you a lot of time and nerves later.

Once you’re sure nor you neither others will struggle trying to find the file they’re looking for, it’s time to move to the next step – giving access to team members. Note that data room providers offer different levels of access. Therefore, now you can decide who will be able to change anything in the deal room, and who is allowed only to view and comment on the documents.

The next thing you should do is to double check all the documents and ask others to do so as well. Make sure the structure of folders is on point, and no one will get lost. Also, think about the upcoming deal – what documents will you need for it? Then take a look at your data room again and figure out if the files complement the requirements of the deal.

how to set up a data room

The last step is inviting third-parties to the virtual data room. Professionals recommend giving potential buyers the right only to view the files at the beginning of the deal. Then you can extend their rights as the deal moves forward. Also, remember to set the expiry date for the accounts of third-parties. It will protect you later in case you forget to withdraw the access after the deal is over.

What problems may arise when installing a virtual data room

To be fair, virtual data rooms are so easy to use that even the least tech-savvy person will most likely have no problems with this technology. However, users might face certain difficulties trying to adapt the data room to the upcoming deal.

Often it’s all about finding the needed function and customizing the virtual data room. Many providers offer rather precise customization. Businesses can change the appearance of the deal room itself, invitations sent to third-parties, and even the login screen. Then the whole user experience becomes consistent and smooth. It gives the business more credibility and helps to build trust.

While such additional features are great, new data room clients might feel overwhelmed with all the offered tools. Then the support team comes to rescue. Most popular vendors will provide users with live trainings and even a personal manager that will help customers to figure out how to get the most out of this technology.

Another issue users might have is preparing the data room for a certain deal. For example, the upcoming process is rather unique, and it’s cumbersome for the business owner to figure out how to use the data room correctly in this particular situation. The great news is that providers offer help for these moments as well. You can get help from a specialist who knows how to assemble a data room to win the deal.

For some users, it might be challenging to build a Q&A section. It is rather difficult to choose the correct questions that will help accelerate the deal. Support team members have vast experience of carrying out many different deals. Therefore, they can help users even in building the Q&A section.

Ultimately, virtual data room users can reach out to the help team with every question and issue they have. Specialists are always ready to guide customers through complicated processes and help to execute the deal quickly and effectively. Data room providers offer different live trainings, dedicated managers that will stick to a particular client through the deal, and other kinds of help users might need. Therefore, you shouldn’t be worried about struggling with new technology – you will always have support.