Data rooms are a safe and easy way to share documents with confidence to clients, investors, partners or employees. However, with so many parties reviewing the same files, it isn’t easy to track who saw what. Here’s how you can ensure that the information is in the hands authorized users.
Decide what documents to include before uploading: determine which documents should be included in the data room. Create an organization structure that is reflective of the transaction or business, and label the folders and documents appropriately to allow stakeholders to quickly locate what they’re looking. Consider implementing a due-diligence checklist to help maintain organization and decrease the chance that sensitive data will be accessed by the wrong people.
Set access and permissions Utilize granular security features to limit who can access or print documents in the data room. For the most secure data rooms, search for multi-factor authentication and other industry-strength security measures to keep unwanted third parties from gaining access.
Monitor usage: Once the data room has been created and monitored, you can track activity using features such as audit logs and reports on user activity to determine who viewed what documents and when. This lets administrators track and respond to any concerns that may arise during the course of a deal.
Keep your stakeholders informed: Send personalized emails based on frequency using the dashboard of your data room to keep everyone updated with the latest tasks, Q&A threads and deadlines. For long-term use, search for a service that provides flexible subscription plans that allow you can easily upgrade or decrease storage or features depending on the needs of your business.