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A data room can be a useful tool to help you accomplish your goals, whether you’re selling your business or raising a Series-A round. What can you do to use a data room effectively?

Create your data room in advance of due diligence. Check that all relevant documents have been uploaded. Include a logical file structure to make it easier for potential buyers. Use clear naming conventions in order to avoid confusion and loss of important documents. Common types of documents that are stored in VDRs include financial statements, intellectual property information, and HR records.

Give access privileges to users based on their requirements and responsibilities. Limiting access to sensitive documents reduces the possibility of leaks that are accidental and lets you monitor user activities. If your staff changes or the requirements of the project change, you should review permissions and change them. Use of dynamic watermarks reduces the risk of sharing by unauthorized parties or tampering.

Managing multiple users is a challenging task, but with the right tools and processes, it can be accomplished easily. Depending on who the users are, it may make sense to set up different permissions or groups of users to ensure that only a select number of people have access to sensitive information. You could also opt to allow some users to print and download documents, while allowing others to only view or comment on the documents.