How to Create a Virtual Data Room for Business?

How to Create a Virtual Data Room for Business?

There is a lot of confidential data, especially in companies. Preventing them from being stolen and leaked is probably one of the greatest challenges of the Internet age. That’s why many companies transfer their business workflows to a data room workspace. So, how to organize it?

What is meant by a virtual data room?

The virtual data room (VDR) is a multifunctional and secure online storage that you can access around the clock. The online data room providers software enables convenient business data processing during important transactions and coordinates teamwork. Here you can grant access rights to the folders and files, set goals and deadlines, and monitor the execution of tasks wherever you are. Furthermore, after completing the work, you can get statistics on the productivity of everyone involved in the project. Such statistics allow us to understand the team’s weaknesses and the process of not repeating mistakes in the next project.

The introduction of a data room into business collaboration immediately gives a set of advantages:

    • quick creation of documents according to templates;
    • centralized storage of documents and their systematization;
    • quick search for the desired document by various criteria;
    • quick exchange of documents and their coordination, distribution to any number of users;
    • ensuring the safety of documents using backup, including automatic;
    • providing secure storage and control of access to documents;

How to create a data room for business needs?

If the company already has an established way of working, there is no need to change it. Operations that used to be on paper will now go electronic. If there is no regulation, it must be established: determine who works with the documents and which employees edit, approve and sign them. There are two options for working and organizing business with VDR.

The first is to work through the browser. It will require nothing but a stable Internet and electronic signature. Documents will be exchanged with counterparties on the principle of e-mail—no external interference in your company’s information systems. The second method is more advanced. It involves working through a software module. It is enough to integrate this module into the corporate strategy and work with electronic documents in a familiar system. You can sign documents directly in your data room and send them directly to the counterparty. And there is no need to spend extra time manually entering documents into the system.

For the user to start working with the software, he is provided with the following access points:

      • Login 
      • Password 
      • API access password.

The VDR employees give users rights to the directory with a module launch file in the system to be opened. In the process of launching the system, it may require permission to operate on the side of the module to protect against dangerous actions.

The “Settings” section will automatically open during the initial launch, so the user enters all the necessary data. Each next time the “Inbox” window will open immediately. Two files are immediately formed in the module’s directory: the main settings and the directory with the name of the current VDR user in which the settings file is generated. In the “User” section, you can select storage where input and output legally significant documents and logs of the module’s work (document flow analysis) will be located. The “Contractors” directory contains legal entities’ data and counterparties’ delivery points with the ability to add additional settings.

In addition, to fully work with electronic documents, you will need a certificate of a qualified electronic signature. Without it, you can view and exchange documents with other companies, but you cannot sign them.

Matias