The virtual data room has become synonymous with professional M&A firms globally. As VDRs have proliferated the professional services market, the idea that an M&A firm could operate efficiently without a comprehensive VDR is, quite frankly, unimaginable.

Yet, many professional services firms, like M&A firms, stumble at the first step - understanding exactly how the virtual data room will aid the business and deliver value for all of its users. For those considering the adoption of a VDR, or an upgrade to their existing platform, this article should provide some insight into how you should set up your VDR to best meet your needs, the needs of your clients, and how to do so with greater efficiency.

What do your teams want from a virtual data room?

Understanding the needs of all parties using the VDR is the first essential element in preparing to build your ideal virtual data room. Negating this crucial aspect could prove time consuming and inefficient later on. Indeed, involving teams at this early stage will not only ensure efficiency in creating the perfect workflow for your business, but will also help support buy-in from prospective users.

Use story maps to lay out the user journey... or not!

Story mapping is a method for arranging user stories to create a more comprehensive picture of how they play in the big picture of the user experience. A horizontal axis, for example, will show the fundamental steps of a person's journey placed in chronological order according to when a person would complete the action relative to their overall workflow with the virtual data room.

"Stories" (or process / actions within the workflow) for each of the users are grouped together under the greater primary activities which they related to. Later, when your story map is complete, you can see all the possible ways a user can interact with the platform in a single, logical view that progresses from the first interaction through to achieving the final user goal. Engaging your team at this early stage, you will no doubt find, will prove to have paid off.

Assimilating the needs of your users by leveraging story mapping can be incredibly useful for those embarking on the creation of an entirely bespoke solution, the good news though, is that with 13 years of providing virtual data rooms, Clinked has pretty much done all of the hard work for you and is ready to go... unless you'd like to make changes to the core Clinked platform in order to meet your specific needs, in which case that's possible too.

Zooming out and seeing the bigger picture in terms of what your VDR will deliver, before focussing on detailed day-to-day activities and deliverables helps ensure you get your rollout right the first time.

Continuing a trend of excellence

Engaging with your users on an ongoing basis in order to ensure the system continues to meet their needs is a surefire way to maintain relevance and usability of the platform. By implementing changes as and when they are required, you'll avoid costly, large scale development costs. As workflows, deliverables, teams and client requirements change, you'll be more prepared to incorporate those changes into your system. Growth for your M&A firm, relies on these occasional micro adjustments.

Book a demo

If you'd like to find out more about the Clinked Virtual Data Room and how it can support your business, book a demo with our team - they'll be happy to find out more about your specific requirements and showcase the ways in which Clinked can help you achieve your business goals.