Virtual Data Room is an online repository that allows you to save and share exclusive information with third parties during important transactions like M&A and access the documents securely from anywhere around the world. But do you know how to set up a data room for most Efficiency and Cut Costs in 2024?

If you don’t then worry not.

Let’s discuss what would help you set up your data room and run the transaction effortlessly:

1. Plan in Advance

A virtual data room can be up and running in a few minutes but before setting up the VDR, one should be ready with the answer to the following questions:

When should you start your data room project?
When should you select your data room provider?
When do you need to grant access to third parties?
What would be the estimated span of the transaction and a ball-park figure for your data requirements (this will help you to get a customized quote)?

2. Ask for quotes

Essentially, do not forget to discuss the pricing of the virtual data room in detail with the provider. The whole discussion on pricing must be reflected in the agreement. Also, do not forget to question any hidden fee that may surprise you over time.

For instance, adding new users, requiring more assistance (additional hours) from the Data Room expert, add-on features (Q&A, layered protection, alerts), and getting a deal archive at the data room closure.

Choose the provider who deals in a flat fee-based structure and is open to customizing quotes according to your needs.

3. Get a Demo/Trial

You can choose the data room for a month or a year at least but the platform should be user-friendly. It will be easier for you to understand and work on it smoothly.

Make sure that you get a demo or a free trial so that you can get hands-on experience. By this, you will be assured that the platform is easy to use and you don’t have to spend a lot of time understanding how it works after data room setup.

Book a Demo today!

4. Start setting up the VDR

Setting up the VDR is an easy task. Let’s discuss the important points:

Choose the best Data Room provider

Firstly, you have to find one good and reputable data room provider. Firmsdata is one of the best available data room providers since it has a good reputation for providing easy-to-use, safe, and secure cloud storage for various businesses. We have discussed in detail all about selecting the best data room provider in 2024 here.

Create a project with the required settings

To create a project you need to share some details requested by your provider. So, it is recommended to decide them in advance. You can find the list of such details below:

Project name.
User list.
Basic folder structure (or data).
Level of security.

Add Documents

Now that the data room is created, your next step must be to add some documents to it. To do this, choose the “Add file” option and select a file or folder from your device. You also have an option to create subfolders to organize your files by different names.

FirmsData assigns a Dataroom Expert to each project to assist the clients with tasks like these and save several hours.

Add Users to your Virtual Data Room

Now it’s time to add some users to your data room who will have the access to perform some tasks within the VDR. This is important because you may want to set up different access levels for each user. Again, leverage your dataroom provider to assist you with this.

5. Leverage the Training & Support

Another critical point that you ought to talk about with the data room provider is the kind of support and training they offer.

Is it restricted to weekdays only? Do they have fixed hours? Are they going to be available on chat, call, and email? Would they be able to help in data room management or just technical issues? Do they prepare a deal archive at the time of project closure?

If you have 24/7 support then you would be able to perform other important tasks. You have the privilege of delegating certain tasks to your support team like “uploading data, adding users, or assigning permission”. Also, ask the provider to provide Support Guides for various data room functions to share with the team to save the time used in learning steps.

6. Pay only when you Go-Live

Most dataroom providers offer a 7 day setup period. Some may offer up to 30 but sometimes the deals take longer to get started and you while you want to be ready for the next steps, you do not want to pay for the time you are not using the services.

FirmsData won’t charge you till you invite third-party companies to the dataroom. How good does that sound?

Planning your dataroom by keeping these points in mind will allow you to set up a data room for the most efficiency and cut costs in 2024!