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Virtual Data Room: A Basic Guide On Creating And Using One

Most people use virtual data rooms because they are busy. So they need a virtual data room that is straightforward, innovative, and easy to manage. Creating a virtual data room is quick and easy. There are steps you should take no matter which virtual data room provider you use. You should prepare all the information you want to store in the virtual data room before you proceed. The following steps will make your virtual data room active.

Choose a virtual data room provider

This is the first and most crucial step. It is important that you do proper research before you choose one. There are so many virtual data room providers available these days. Knowing which one fits your needs best is not easy. You can use virtual data room vendor review sites and comparison charts. These will help you learn more about your options. Some virtual data room providers offer customer support as soon as you choose them. You can receive help and training at once. This will let you have your virtual data room up and running within a few minutes.

Create groups and add new users

This step is pretty simple. Even beginners can do this. Each virtual data room provider has a different interface. But, the general features are the same. There is usually a Groups tab. This is where administrators can set file, requests, and other permissions. A list of specific members in each group also appears here. Non-admins can only view members of groups they are in. You can add a new group by clicking the plus (+) sign next to the Groups label. You will then type in the group name.  Most virtual data rooms only ask for a user’s email address before you can add them to the group. The user has to accept the email invite. He or she will then add in all his or her own information. You can also copy, rename, and delete groups with ease.

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Set permissions

You can see all the permissions for the room in the Groups tab. All file permissions are set on a group level. Common permissions include file, requests, admin, membership, and group. There are four options for file permissions. View, download, download original, and edit. Set it to “View” if you want users to be able to view the files with a watermark on them. They can do nothing other than to view them. If you want users to be able to download and print watermarked files, set it to “Download.” The “Download original” option lets users view, download, and print unwatermarked files. Users can move, upload, overwrite, delete, and rename files and folders if it is set to “Edit.” They can also edit the index.

Administrators can turn on and off different request settings. This is usually done at the Request Permissions tab. Administrators can decide if public comments need approval before becoming visible to others. They can also restrict which requests lists groups can view. The file permissions tab pops open as soon as you upload files. Administrators can adjust file permissions at any time. Administrators can also set permissions for group members and parent folders. A specific group can have administrator access and hide members from each other. They can also allow regular users to invite new users.

Add documents and files

There is usually a Documents tab in every virtual data room. This empowers teams to transform, retrieve, and classify documents and folders. They can do all these within one platform. Virtual data room providers offer various features. These include bulk upload, built-in document view, smart search, and drag-and-drop. A built-in Excel and document viewer gives users file visibility within the platform.

Users can upload new documents and files in the Documents tab. They can bulk upload documents using the drag-and-drop feature. The system maintains the file and folder structure inside the virtual data room. Some virtual data room providers offer free due diligence and other checklist templates.  You can download these and import them into your own data room. These templates will populate the folder structure and requests within the data room.

Virtual data room platforms usually have the same set-up format. Providers often offer the same basic features. What sets a great provider apart is the extra features. It also has superb customer service options and great pricing. Make sure you do your homework before you create your visual data room.

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