SimonStapleton.com

5 Tips to Managing a Data Room

Estimated reading time: 2 mins

Sharing sensitive information for mergers and acquisitions in the modern world is critical to any business regardless of its size. To keep this data secure and safe, businesses and companies are now taking advantage of virtual data room platforms that provide the features needed to share this data and still keep it safe. As this need continues to grow, so are the companies that are providing these services. There is a need therefore for workers to understand how different platforms operate and how to manage them to suit companies’ needs. Here are some tips you can utilize to manage your data room.

Develop Specific Document Naming System

You must develop a specific way of naming each document you save on your platform. While it seems like a simple activity, most personnel forget about giving specific names to specific documents. It becomes very difficult to find and retrieve a particular document when the need arises. You should also avoid generic naming since you may end up with multiple documents with the same name and face difficulties when it comes to retrieving the documents. Try as much as possible to name documents and files according to their types, the department they are related to, and their specific functions. That way, you will easily retrieve a document anytime when you need to use it.

Update Data in Real-Time

Managing documents in your data room platform should be an ongoing process. Setting it up is an easy process, the work comes in ensuring that you update the features in the platform, and ensure that files and folders are always updated as you add more information. Ensure that any changes that happen in the course of your business are updated in real-time. Dedicate an expert in managing the platform consistently so that you can identify any discrepancies when they occur. Identifying such discrepancies is good for the growth of your company or business.

Have Folders and Subfolders

Organizing your documents into folders and their subfolders is an excellent way of maintaining order in your platform. Ensure that there is a feature that allows you to create folders and subfolders in those folders. When you have folders about HR, Accounting, and Financing, you can then have some file subfolders that have specific data of different activities. When you organize and classify documents properly you will be in a position to facilitate due diligence when the need arises. Analyzing and reviewing your data becomes much easier. Most users forget to divide their files into folders and subfolders, and then end up having a difficult time trying to analyze data or retrieve important files.

Monitoring User Activity

Ensure that your VDR has a page-level tracking feature that shows all users’ activities on your platform. This feature is useful for generating audit trails allowing for accountability and transparency. It provides insightful user activity that is good for making valuable business decisions. The user activity monitoring should also trace users’ IP addresses for more enhanced business analytics.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

Post your comments

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Affiliate Promotion

simonstapleton.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Amazon, the Amazon logo, AmazonSupply, and the AmazonSupply logo are trademarks of Amazon.com, Inc. or its affiliates.

Polls

When answering Employee surveys, do you always answer completely honestly?

View Results

Loading ... Loading ...
My latest book: ACE Your Performance Appraisal$4.99 on
How Am I Doing?

Did this discussion solve your problem?

Then please rate this post or leave a comment.