So, your business has decided to make a move into the digital space with a virtual data room (VDR), such as from Caplinked. These digital spaces offer a secure space to store sensitive documents and help you limit access to only those users your organization authorizes to view, copy, print, download, or edit them. With a new Caplinked virtual data room, you can conduct most business transactions in this secure digital environment, including mergers and acquisitions, investments, and more. With this virtual data room, you’ll need to prepare it for launch to make the transition to this digital space seamless and efficient. This article will cover five tips for a successful virtual data room launch.
1. Decide how you’ll use your company’s files.
Virtual data rooms are an excellent alternative to traditional cloud storage. However, if your business is working with a limited budget, it would be best if you limit its usage to only your organization’s most vital files. Furthermore, it may be beneficial to restrict use to specific managers and employees to promote simpler management of your VDR. Your business may want to designate the VDR for only particular situations as well like investments or an upcoming merger. On the other hand, your company may use the virtual data room only for restricted or sensitive document storage. No matter how you plan to use your VDR, ensure the expectations are set before launch. Setting these expectations for file usage will provide an efficient VDR system that’s easy to manage.
2. Organize your files before launching.
Before uploading any files to the virtual data room, your organization should determine the structure for file organization. Typically, nested folders are the industry favorite. They provide a basic system that you can quickly sort through to find the correct file quickly and easily. For example, you may want to set main folders for departments, create specific subfolders within each department folder, and store your files in the appropriate location. This way, if someone from sales needs to access a sales report, they’ll know exactly where to go. Moreover, your company’s files and folders should use a standardized naming process to prevent any confusion. As a result, they can be efficiently stored, organized, and accessed without hassle.
3. Set user roles and permissions.
It would be best to decide what groups and users have specific permissions before launching the VDR. If you’re adding user permissions as you go, you’ll quickly find yourself in an unorganized mess of permissions that’ll need constant updating and organizing to sort out. Therefore, you need to set these permissions first. For example, you may want all board members of your company to have unlimited access to the documents in the virtual data room. However, partners and consultants may need access to only a few specific files in a view-only mode. After you’ve determined a basic permissions plan, you can customize permissions on an as-needed basis.
4. Draft a document-management policy for the virtual data room.
Aside from who can access your business’s sensitive documents, you need a straightforward policy on how various documents and files should be managed. If you’re allowing outside partners, collaborators, or newly hired employees access to restricted documents, there are a couple of steps you can take to ensure security. You can enable a digital watermark and set up a schedule for monitoring document access logs within the VDR to ensure unauthorized users access no documents.
5. Create nondisclosure agreements for users who have access to the virtual data room.
A nondisclosure agreement (NDA) is standard practice when sharing sensitive documents or data with anyone, within your company or not. A nondisclosure agreement is a binding contract that prevents users from sharing confidential information with others. All users should sign their NDAs before being granted access to the VDR. An NDA protects your company, clients, and all active participants with your company.
Launch your virtual data room.
You should be ready to test and launch your virtual data room with these tips. Remember to determine file usage, data management, permissions, and NDAs before you launch for a smooth transition.