Virtual data rooms (VDRs) are the most effective way to share sensitive data while keeping all your project collaborators completely anonymous. Whether you are a professional who wants to familiarize yourself with VDRs or you are new to the field, this guide will definitely be of use to you. Before going into further detail about setting up and using virtual data rooms, let us first introduce you to the most important qualities of VDRs.
What Is a Virtual Data Room?
A virtual data room is a document management system that is used for storing and distribution of online documents. You and the project contributors can organize, share, and track all that is within the data room admin’s control, at the admin’s discretion. Those contributors can remain completely anonymous, which makes VDRs ideal for the support of complex projects that require the disclosure and sharing of confidential documents with third parties beyond the firewall.
Here, at Onehub, we offer 3 different plans: Team, Business, and Enterprise. If you are interested in the virtual data room cost our company offers, you can go to our Pricing page for more details. We are sure that you will find a plan that suits your needs.
Here’s How to Setup a VDR
Virtual Data Rooms can be set up in two ways:
- Internal – used when the selling company provides VDR and oversees the setup
- External – used when outsourcing by hiring VDR providers or vendors
One thing is certain about setting up a virtual data room – it needs to be fast, easy, and straightforward. You should be able to set up any VDR in 4 simple steps.
#1. Choose a Virtual Data Room
For many people, the virtual data room cost is crucial when it comes to choosing one. We will not go into much details about that as we have already covered the topic of prices, above. Just go to your pricing page or get in touch with us for more information.
#2. Invite Users
You have to invite your team, contributors, and your bidders, as well as assign them roles and set access permission.
#3. Add Files and Folders
You can start uploading all your documents. Like we mentioned earlier, VDRs are for securely sharing sensitive documents, and with our bulk actions and document sorting features, this is fast and easy. Your biggest concern will be to make sure you have added all the documents necessary for your project.
#4. Set security
When you are finished with adding documents, the next step is to add document security settings to control which users can access the files.
Below on this page, you can find the 3 takeaways to keep in mind when you have a tight time schedule.
#1. Naming Your Project
It’s a good practice to name your project with a code name. This will not only maintain security, but it will also make it easier to communicate confidentially about the project.
A common practice is to choose names for such projects from the phonetic alphabet that has the same name as the target. These are all the projects we see in movies: “Project Alpha”, “Team Delta”, etc…If you lack imagination but want to go for something different, you can always look online for code name generators. Many of them are available for free.
#2. Building the Data Room in a Secure Data Room Solution
Finding a secure and user-friendly data room is crucial. You can use the following functions to make the process easier:
- Simple uploading process of documents and folders is important. Drag-and-drop support is also a nice feature, so you can streamline the collection of your documentation.
- Convert documents to PDF.
- Use the time-saving indexing tool which eliminated the need for manual conversion and document numbering before the upload.
- A great benefit of VDRs is that they provide a way to define print and download rights for both single documents or the whole data room at once.
- Reports offering a full overview of the room’s contributors.
#3. Giving Access to External Stakeholders
When your project is finished, it’s time to invite your potential buyers in. Once you have opened the data room, you want to depend on:
- A full overview of permission and access levels.
- Complete anonymity and separation between different group buyers.
- Easily change access levels during the process.
Before anything, you must have the complete confidence that you are sharing the right documents with the right people, at every stage of the process.
Finished reading? You should be ready to go! For more detailed information and questions, feel free to get in touch with the support team of Onehub.