Software

five Ways to Make Your Life Easier with Data Room Set up

five Ways to Make Your Life Easier with Data Room Set up

We are nearing the end of the month and deals are heating up, so I thought it would be a good idea in this week’s post to point out a few things that everyone who needs to set-up a virtual data room can do to enhance the experience and make their life easier:

1. Get a Fixed Price – Charging extra for guest users that log-in and view files or for the number of pages in a document is a hassle. In most cases it will be impossible for you to even estimate these ranges when you are negotiating a price and the last thing you want is an incremental bill for your client at the end of the deal.
2. Access to Support – You would be surprised how many data room providers on the market do not offer 24/7/365 – even though they are offering the convenience of an online service. If someone on your team, a client, or even a buyer has questions at 3am on a Sunday morning, you need the peace of mind to know that everyone will get the help they need.
3. Prepare – Bells and whistles aside, a data room enables you to share documents with people. You can significantly reduce the time and effort it takes to go live with a data room if you collect and organize your documents and the names and email addresses of the participants ahead of time. This information will inevitably change over time, but the right virtual data room solution should make this easy to manage.
4. Maintain Control – Many data room providers will set up the data room for you, manage it and charge you and your client dearly for it. Choose a data room that is easy to use and one that provides free training and assistance with set-up so you do not have to rely on the vendor for minor changes going forward.
5. Test First – Human error is your biggest risk factor when setting up a data room. Leave yourself enough time so that you can log into the live environment, preview the set-up online, and verify security permissions before inviting outside users.

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Posted By: Oke David Umurhohwo.

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