Now that you have the data room provider situation sorted out and know what virtual data rooms provide, it’s time to learn how to set up a data room. Below are nine simple steps and tips for a seamless software launch with no effort:
Step 1: Define your purpose
An effective experience always starts with thorough planning. Establish the purpose of the virtual data room from the perspective of your industry and the specific project. Pay extra attention to the different stages of your task and the parties who will require access to the data room.
Pro tip: ask your data room provider if they have worked on a similar project before. Utilizing a template can be a great asset to a successful VDR setup.
Step 2: Engage in data room training
Once you know who will be accessing the data room you are building, ensure they get trained on how to use it. Consider different levels of experience with technology and take advantage of the data room’s support team.
Pro tip: a conference call is an ideal solution to educate all users.
Step 3: Prepare the documents
Depending on what you are planning to use the data room for, you will be dealing with a specific range of data. Note how many documents you need to upload and choose the most suitable formats. In case you are dealing with physical paperwork, put extra effort into labeling the actual documents and their scans for easy access.
Pro tip: create or download a data room checklist to simplify document preparation. A typical list might feature the following:
- A database of all current employees with titles and salaries
- Partnership agreements
- All legal disputes
- Previous meetings’ minutes
- Past and current intern, contractor, and consultant contracts
Step 4: Outline the VDR’s internal structure
The next step on how to set up a data room is mapping out the sections and folders within it. Come up with the most logical and easy-to-comprehend organizational model for your case. Color-code and compartmentalize as much as possible.
Pro tip: Picture a physical storage facility to plan the data room software outline in the most straightforward way.
Step 5: Upload the files
Fill the pre-designed folder structure with the required documents and files. Pay special attention to naming and indexing the items.
Pro tip: the best data room features for effortless and fast file upload are Drag&Drop and Bulk Uploading.
Step 6: Establish appropriate access permissions
Granting and restricting access are the key elements on how to set up a data room in the most secure way. Make sure that you establish a permission system that is both convenient and safe. Use tools like IP restriction and time limits to further enhance the security.
Pro tip: implement a level-based access hierarchy to easily manage permissions for entire groups.
Step 7: Sign the NDAs
Protect sensitive information within your data room by requesting all participants to sign non-disclosure agreements (NDAs). Same as with the access permission, you can connect the non-disclosure rules to separate documents and full sections of the data room.
Pro tip: use dynamic NDAs for the documents that will constantly update. This way, the viewers will sign the agreement each time they access a newer version.
Step 8: Double-check the settings
Taking a step back and evaluating the whole picture is a crucial stage on how to set up a data room. Make sure all settings match your project’s specifics and requirements by checking the access permissions, browser and device compatibility, and established security protocols.
Pro tip: use the View As option to ensure you’ve set up the data room in the most optimal way for everyone.
Step 9: Invite other users and begin managing the project
Finally, share the invitations with all the users and start using the data room you created. Provided you followed all the suggestions, this process should be simple.
Pro tip: ensure you have an appropriate amount of administrators for your company’s size and the particular project.