A virtual data room (VDR) is a secure, multipurpose tool that can help streamline transactions in today’s competitive corporate world. The software offers a safe space for storing and sharing sensitive company documents during mergers and acquisitions, fundraising, and audits. Here are some aspects of virtual data room software that you can customize to your specific needs:
Appearance
Some virtual data room software providers offer options for customizing the look of your data room. When setting up your VDR, consider adding a dashboard image or corporate logo to coordinate with your company’s brand. Change the background colors, fonts, and other design elements to match your company colors. You may also include a branded email feature with the sender’s name and the company’s logo in the message body.
Document Labels
Create custom document labels for easy access. Labeling helps organize files into categories with a neat, user-friendly folder structure. Here are examples of tags you can create:
- Departmental Labels: Sort files according to the department to which they belong. You can have separate folders for marketing, finance, and legal information.
- Status Labels: Sort documents according to their current situation, such as under review, accepted, or denied.
- Access Labels: Sort files according to who can access, download, or alter them. You can have public, limited, or confidential file labels.
Labels help users understand the nature and purpose of documents, improving clarity during transactions or collaborations. Well-organized labels also contribute to the searchability of documents. Users can quickly locate specific files or categories by searching for relevant label names. Choose the labeling format that resonates best with your company file types and VDR goals.
Access Permissions
In a data room, there may be varying levels of user access. Administrators can control the entire data room. They can remove and allow access to documents, set permissions for group members, organize files, and examine activity reports. Other users’ access privileges can vary.
Assign permissions to each document for the different users. You can configure the permissions to prevent a user from downloading a sensitive file and saving it to their computer if you don’t want it to be accessible. This may help prevent team members from sending confidential information to unauthorized parties. You also have the option to set user roles, providing different levels of file access for increased document control. These roles can allow other users to be administrators, viewers, uploaders, and editors.
Non-disclosure Agreements (NDAs)
Some VDRs integrate with eSignature platforms or have built-in electronic signature capabilities. This integration allows users to send, track, and sign NDAs directly within the VDR platform, streamlining the process of managing legal documents. You can require all external visitors to sign non-disclosure agreements to access documents in your virtual data rooms. When a user visits the workspace for the first time, the agreement will be displayed, and the activity log will be updated if they accept the NDA.
Consider creating several custom agreements for specific files and folders. Users with various security needs can sign the appropriate paperwork. You can keep some files and folders public and set NDAs for others depending on their contents.
Watermarking
A watermark helps in the protection of confidential or sensitive data by tying the file to its viewer. The user’s details can be watermarked diagonally across the page, appearing in all previewed, printed, or downloaded files when enabled. This can make it easier to trace the source of any leaked or unauthorized materials.
Administrators can customize watermarks by including a combination of the user’s email address, IP address, username, business name, time, and date. Choose when to maintain watermarks, such as during file viewing, printing, or downloading. You may also choose the boldness or transparency of the watermark’s appearance.
Dual-factor Verification
Implementing two-factor authentication allows you to further fortify your data room’s security by asking for an additional form of authentication, like a security code. After users provide their login information, they can be sent a code to their phones. If a hacker manages to get a user’s credentials, they will still be unable to enter your data room.
Customizable Virtual Data Room Software
Many features of virtual data room software can be tailored to fit your preferences, including the appearance, access permissions, and security settings. When choosing a data room provider, determine the customizable features your business requires. Consider features like custom watermarks and strict document access controls if you deal with sensitive and confidential information frequently. For handling large amounts of files and documents, look for a platform that provides advanced document organization capabilities. Work with a VDR software provider today to create a data room that suits your workflow.
