Common mistakes in running and setting up virtual dataroom

The introduction of a virtual data room is a priority for any company planning to take a significant place in a competitive niche. A properly implemented system will help improve the quality of customer service and deal management. So, what are the common mistakes in running a data room?

The role of a data room software

Business, and in general any economic activity consists of the conclusion and execution of contracts. In this regard, by increasing the efficiency of deal management, by optimizing and automating work with them, organizations seek to increase their efficiency, competitiveness and protect their interests (including commercial ones). Contractual work includes not only work with documents, but also the entire system of relations between the contractor and the customer. For this purpose, modern companies use digital data rooms to simplify this interaction.

Virtual data room (VDR) is a cloud-based platform that ensures a secure collaborative environment and well-structured data repository for efficient deal workflows.

Properly setting up the work of the digital data room, you can automate most tasks of varying complexity. They include:

  • employees free up time from routine tasks, they become more productive and can better realize themselves in other areas of the company: in sales, finance, marketing;
  • the human factor is reduced, and with it, the risk of forgetting, missing something important, or making a mistake (with a data room system, you will not lose a single contact or transaction);
  • the automated client base will help not to lose potential customers and profits;
  • coordination of contractual documents, including the development of draft contracts, their coordination in all instances (legal department, accounting, financial department, security service, etc.), further approval and signing of the ES, taking into account the powers of the signatory following the regulations (contract amount, contract category and, etc.).
  • Mistakes in setting up a data room

    There are sectoral (designed taking into account the business processes of different types of companies) and universal VDRs on the market that is suitable for any type of business and include basic functions for optimizing work with clients.

    The most common mistakes during data room integration include:

    • Integration process launched without pre-audit

    Without a full-fledged audit of business processes and an understanding of the specifics of the company's work, the implementation of VDR will be carried out according to a general template, which will prevent you from using all the advantages of the VDR system and achieving your goals.

    • Choosing a non-scalable VDR system

    If you do not plan to scale your business and, accordingly, VDR, then in the future you will have to change it, which will entail additional costs and difficulties.

    • Lack of control over work with VDR after implementation

    In the absence of control both on the part of the integrator (is everything correct in terms of time, are there any problems with communication, configuration), and on the part of the customer (do employees enter information into VDR correctly, do they fill in the required fields, etc.), some of the information will be get lost, which will eventually lead to the uselessness of using the data room as a tool.

    • Exaggerated expectations from the use of the data room

    VDR system is just a tool to facilitate the work of managers and increase the efficiency of departments. But by itself, it will not solve all problems and will not make everything perfect all at once.