Sharing large amounts of documents, whether it be for general corporate or for the more specific due diligence process, can be time-consuming and exhausting without the appropriate software to assist you in your efforts. While a professional appearance and organization are important factors when it comes to deciding on partnering with a virtual data room provider, saving time wherever possible for both yourself can your clients cannot go understated. The saying “time is money” is undeniably accurate when it comes to high-revenue deals and the impact that wasted time can have on their conclusions and a client’s trust in your abilities to work diligently with their data. Below are a few ways that a virtual data room can save you time during arduous deals and transactions.
Before data rooms transitioned to cloud-based repositories, they were physical buildings used to store vast amounts of paperwork. The biggest shift that came along with the virtual aspect of these online platforms is that theyeliminate the necessity of paper waste, and in turn, the time spent searching through physical files to determine which documents are necessary for each deal. With the burden of physical documents and spaces out of the way, virtual data rooms are now able to provide faster start-up times for these deals seeing as all the necessary information can be bulk uploaded by an administrator within minutes. Furthermore, template folder structures are also provided so that a user does not have to spend their time building one completely from scratch. They can customize the labels to their liking and begin transferring documents accordingly into them.
Once all relevant data is uploaded into a VDR of your choosing, you are then able to utilize its fast search capabilities to find specific documents and cross reference with any others being uploaded by collaborating users. This saves an immense amount of time when it comes to transactions for industries such as biopharma or mining and energy due to how many documents are constantly being shared, changed, and reviewed within the platform. Versioning is an effective tool in this process because of how a document can be changed and every new version of it is easily accessible for any third parties entering the data room. This would be virtually impossible if done on paper and would leave many participants confused and exhausted with the process.
By far the most convenient feature of a virtual data room is that it can be accessed from anywhere, at any time. This is essential for businesses that have opted to forgo an office and allow their employees to work remotely, saving money on rent and time on on commuting. While working remotely is much easier, there is still a necessity for efficient and productive communication which a VDR is equipped to provide with features such as email in – allowing users to upload documents without signing onto the platform – and Q&A for any questions or concerns to be answered in a timely manner.
With regards to M&A deals, real time reporting capabilities afforded by the VDR allow a client or adviser to monitor the response certain documents are garnering based on how often they are viewed. Not only does this allow the administrator to remain aware of what is being viewed, by who and for how long, it also saves them the time in knowing exactly what certain buyers are interested in seeing more of. Rather than continuously uploading financial information that may not be relevant to the deal, an administrator can focus on sharing what is required to facilitate a smooth and speedy transaction.
Knowledgeable Client Support Services
While a virtual data room is designed to be intuitive to its user’s needs, an individual’s first experience with new software can be tricky and intimidating without the right guidance. An effective VDR provider will have knowledgeable client support services ready to assist any questions or concerns a new user might have about the intricate features and layout. This assistance can come in the form of a one-on-one demo, done by a representative familiar with providing clear and concise directions, or in the form of a free trial where a user can take the time to play around with the platform before committing to the service.
Rather than wasting your time to learn the ins and outs of generic document sharing services, that offer a fragment of the features and security that a virtual data room does, an interested client is better off partnering with an attentive VDR provider. With remote access to an unlimited amount of digital data, a virtual data room is your best bet to saving time as well as money during draining process in industries such as M&A, real estate, pharmaceutical and more. Stay on top of your documents by ensuring that they are stored safely with advanced security features and speed through your transactions with the help of effective customer support and features designed to help you close a deal swiftly and confidently.