Virtual data rooms are highly reliable and cost-effective solutions for online collaboration. They have made data sharing and management easier than ever, and that is why all types of businesses have incorporated online data room software in their operations for different reasons.
Where businesses use data room software as their document storage platforms, many companies use them for deal-making, asset management, due diligence, etc. Therefore, it is important to choose a virtual data room that suits your company.
Obviously, you would have done your research, but the valuable tips mentioned below can help you choose the best possible option.
Things to consider when choosing virtual data room for your company
Companies are generally bigger business entities, and their needs differ significantly from partnerships and SMBs. Here are some factors to consider before you make your purchase.
1. Security features
Companies usually deal with higher volumes of data, and the management has to deal with a large number of employees, which can be very challenging. That is why virtual data room security is the most important factor to consider. Here are some must-have security features;
- Document access control. Document access control is a basic feature in an electronic data room. It is important that you have comprehensive control over your corporate documents. High-end virtual data room providers have the latest document security tools like “fence view” mode, which prevents users from taking snaps or screenshots of documents.
- Two-step authorization. Another fundamental yet very crucial feature, two-step authorization, is a must-have thing. It prevents unauthorized entries in your data room.
- Cyber security certifications. Only certified virtual data room providers can actually keep your data safe. Here are the basic cyber security certifications for VDR vendors, including SOC2, ISO 27001/ISO 27081, and SSAE 16.
- Remote device purging. Remote device purging is a rare feature in VDRs, but it is ultra-effective to negate the chances of data leaks from lost or stolen devices.
- Audit trails. Audit logs are essential to keep an eye on data room activities. These detailed reports give you a clear picture of what is happening in your data room.
Other useful security features include digital watermarking, customizable NDA templates, document access revoke, and data encryption.
2. Customer reviews
Data room service providers claim a lot of things in their advertisements but do they keep their promises? One easy way to find it out is to read online customer reviews but make sure you read those reviews from trustable sources like:
Customer reviews are handy in identifying the GOODs and the BADs in any data room service.
Last but not least, always ask for a free trial because practical experience is the ultimate way to find out how good a virtual data room is.
As a bonus, here is a list of some of the best data room providers in the market:
- iDeals Solutions
- Google Workspace
3. Data room comparison
Data room comparison is a mandatory process when choosing a virtual data room for your company. You can compare multiple data room services on the basis of features, ease of use, customer support service, pricing plans, etc.
High-end data room vendors are known for their unique features. Some vendors focus on providing document management features, while many prioritize communication tools. For instance, iDeals data rooms are effective for safe data storage, due diligence, bankruptcy case management, and litigation. You can compare VDRs and see which one offers the maximum number of features in a specific budget.
Similarly, good customer support service is also essential to tackle any technical or operational difficulties. One of the most important elements to consider is the pricing plans of data room providers. Some vendors charge monthly/annually flat rates, while others follow feature-based or per-document pricing models.
4. Virtual data room access and ease of use
Another essential thing to consider is how easily you can access documents in the data room you want to subscribe to. Document accessibility can be described from different perspectives. For example, how easy is it to find a document from the VDR? Document indexing and full-text search features are vital for quickly locating a document.
Apart from that, check out the data room accessibility options. Does the virtual data room provider allow access from mobile phones or tablets? It goes without saying that present-day professionals mostly use smartphones and tablets for work.
Also, always go for easy-to-use and easy-to-navigate data room software. The idea is to facilitate your workforce; a cluttered user interface will not only slow things down but can also frustrate your employees. Is it easy to upload files, invite users, and navigate through the data room? If yes, then go for it.
Rounding it up
It is better to go for specialized solutions rather than general options. Companies manage a voluminous amount of data and a large number of employees. Therefore, investing in the right virtual data room service can help achieve desired results. You can use the tips mentioned above to simplify the purchase process.