A virtual data room (VDR) is a digital platform that companies use to share confidential information with their partners, employees, and clients. The system allows users to share files and folders within their company’s network or the cloud, as well as inviting outside participants to view or download those files. A VDR can be accessed through any device that has an internet connection—desktop computers, laptops, tablets, and smartphones alike.
Use your virtual data room’s customization options correctly
Customization options are important. Not only can they help you create a unique environment for your data room, but they also allow you to customize the look and feel, functionality, and security of your virtual data room. The first step in learning how to use customizations effectively is understanding how they work.
Forget about the vendor’s default branding
When you first step into a virtual data room and begin navigating through its various functions, it’s easy for the vendor’s default branding and graphics to distract you. In other words, you should forget about them.
The purpose of a virtual data room is to provide users with an easy-to-use platform where they can access their documents securely. The last thing you want is someone spending too much time trying to figure out how to navigate around your system or what each button does when all they care about is getting their hands on the content.
Take advantage of the time zone settings
Time zones are a great way to make sure that you’re showing the right documents at the right time. For example, let’s say you’re working in California and you need to show a document late at night. You could set the time zone of your virtual data room to be nine hours behind California so that it shows up when most people are awake in Asia or Europe (but not too early in California). That way, they can view their documents while they’re still fresh and don’t have to wait until later in the day when they wake up again.
Keep track of who reads what and when
Another feature that can be immensely helpful for you is the audit trail. This is an online tool that allows you to keep a record of who has viewed what and when so that you know who is reading what and when. The audit trail will also allow you to know who has read what and when as well as those who have not read what and when.
Whichever way you decide to go about it, make sure that your virtual data room offers a way for everyone involved in the VDR process to access information without compromising anything confidential or sensitive about any financial transactions related to deal closure.
Make sure that your VDR is fully functional on all platforms
When it comes to usability, one thing you should always remember is that your virtual data room should be fully functional on all platforms. This means that the VDR must work seamlessly on any device and in any browser. The user experience is vital for your organization to ensure that users can access information quickly and efficiently. If something goes wrong with how you have set up your virtual data room, this could cause problems for users who may find themselves struggling to use it properly once again.
By implementing the tips above, your virtual data room will be more usable by your clients and stakeholders. The key is to make sure that it’s easy for them to find what they are looking for, keep track of where they’re at in the process of reviewing documents, and understand what needs to happen next (like signing documents) without having too much clutter on the screen.