The right data room could make a huge difference terms of reducing the time required to conduct due diligence and streamlining complex deals. To achieve success you need to break files and documents up into sensible folders and tiers, so that users are able to navigate. This means creating main folders that correspond to types of information, project stages or departments, and dividing those folders into subfolders to facilitate organization and use. It is also essential to adhere to the same and clear labeling convention for each document or file, as well as marking or tagging documents with metadata in order to make them easier to find in future searches. It is also important to keep up with the removal of older documents and files so your data room always has the most recent and valuable information for your users.
To make the most of your data room, select a service that provides the features your business requires. A reputable virtual data room will encrypt your data while in storage and during transit to ensure only authorized people have access to it, while providing flexible user permissions and thorough audit trails for each file or document.
It should be also easy for your team to set up and use, and will include data analytics that can aid in understanding how information is being used. For example, FirmRoom’s analytics feature reveals the information that investors are consuming and how long they’ve spent on each. This allows you to actively respond to their questions and prioritize engagement with investors prior to meetings so you’re prepared for due diligence when the time arrives.