A well-organized virtual repository is crucial for any business, whether you’re pitching investors, closing a M&A deal, or sharing data with partners. Investors don’t want to go through a messy document dump or deal with a variety of inconsistently formatted documents. They want a professional presentation of sensitive data that is easy to read on any device.
To speed up your workflow and provide third parties with the most accurate and current information adhere to these best practices for your online repository:
Uploading and Organizing Files
Use operating procedures to decide what documents should be placed in the VDR and the best way to name them. The consistency of naming and folder structures helps to organize and locate documents. Tags and metadata add context to documents and facilitate the search and filtering.
Permission Settings
Set permissions for various types (admins, corporate employees clients, investors, etc.). To prevent unauthorized access, and enhance the security of your repository. Fence view mode is a great option if you have sensitive or private information. It stops users from downloading documents to print them, saving them, scanning or taking pictures.
Monitoring Activity
You must ensure that you have an audit trail that is tamper-proof of activity in your VDR by setting up custom reports that are sent to project managers in key positions on a regular basis. FirmRoom is one example. It provides comprehensive analytics of documents in its reporting that makes it easy for teams to track the user’s involvement with the repository. This allows for a more efficient monitoring of stakeholders and speeds up communication.
