How to Set Up Data Room Sharing

There are a variety of reasons businesses use virtual data rooms. It allows them to securely and efficiently share files other parties unlike emails that could be hacked and used to carry out malicious reasons. (Read: Nearly seven million Dropbox accounts have been hacked). This is especially important when companies are involved in acquisitions or other strategic initiatives in which data must be shared with all stakeholders.

Typically it is usually used during due diligence but is increasingly being utilized throughout the period of a deal’s life, restructuring or fundraising. This is beneficial for both buyers as well as sellers since it eliminates the need for travel and can save on physical expenses such as hotels and flights.

The first step to set up the dataroom online is to sign up an account, enter personal details, and then adjust security and notification settings. Once this is complete, the next step is to decide the documents that need to be uploaded. It is also important to upload and organize them in a way that is logical. This includes categorizing and using consistent name for the documents. It’s also an excellent idea for users to create an index that can help them find specific documents.

It’s beneficial to set permissions according to the amount of information each individual needs. For instance, HR professionals are unlikely to require as much access as the CFO. It is a good idea for you to check your permissions on a regular basis and make any necessary changes. It’s also essential to test your data room to ensure it works as expected.

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