Virtual deal rooms (VDRs) are secure online platforms that allow companies to share confidential files and collaborate on projects more efficiently. They are convenient for large-scale project collaborations because they allow team members to work remotely, organize files, and receive updated information in real time. Here are some of the do’s and don’ts of engaging in collaborative work using a VDR:
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1. Establish Guidelines for Sharing Information
Establish guidelines for sharing information in the virtual deal room. This helps in maintaining control and preventing unwanted information leaks. The established policies may include identifying who is authorized to access certain information and what types of information can be shared. They may also include how long external parties can access specific documents. These guidelines may reduce the risk of data breaches by only allowing authorized parties access to sensitive information.
2. Utilize Dynamic Watermarking
To help prevent unauthorized sharing, utilize dynamic watermarking technology during collaborative work. Document watermarking refers to embedding an invisible marker on the documents to identify the user and protect against unauthorized distribution. It creates a unique watermark for each user accessing the files. This VDR feature makes tracing any printed or downloaded files easier in the event of unauthorized printing or sharing.
3. Assign Roles and Responsibilities
Define the roles and responsibilities of each team member working in the VDR. This can help avoid confusion and enhance accountability during collaborative tasks. Every team member should clearly understand their role and responsibility in the project. This includes designating a project manager who oversees the work, customizes the deal room’s features, assigns tasks to each team member, and manages deadlines for completion.
4. Use Collaboration Tools and Features
VDRs typically come with several collaboration tools that allow team members to work together on the same document or project. Some examples include annotation tools, commenting features, and version control. These tools allow team members to give feedback, track changes, and keep everyone on the same page. Collaboration tools also enable team members to manage document versions properly, reducing the risk of mistakes and miscommunications.
1. Share Login Credentials
Each VDR user should have a unique account to work on the collaborative project. Sharing login credentials with other VDR users or external parties can contribute to confusion and compromised information. If you need to grant temporary access to a new user, you can use the VDRs control features to share specific documents or folders.
2. Neglect Monitoring and Auditing
VDRs allow users to monitor which sensitive documents have been viewed by each user and for how long. They also track any changes made, allowing users to see the work that other team members have contributed. Avoid neglecting audit logs and user activity to remain informed of what each team member works on throughout the collaborative project.
3. Mix up Documents
Keep all necessary documents organized and in their proper place. Proper document organization can contribute to increased efficiency in VDR collaborations, allowing users to find relevant documents when needed. Avoid downloading and updating individual copies of documents, as this leads to outdated versions and confusion.
Take Advantage of Virtual Deal Room Features Today
A VDR is a secure online platform that allows for secure file sharing during cooperative projects. It enables collaboration with team members while keeping sensitive information safe and confidential. Proper guidelines for sharing information, updating documents, and utilizing collaboration tools should be established when collaborating in a VDR. If you’re preparing to begin a significant joint project, learn more about virtual deal rooms and how they can help enhance your work process.