Virtual data room Software Selection Guide

A virtual data room is an extremely popular today’s business solution it offers a lot of useful services that will help improve all your work processes. But if you decide to purchase this service, you will have to take into account many points related to the activities of your company and not only. Reading reviews on the Internet will not be enough for this. In this article, we will provide a few aspects to consider when choosing a virtual data room. 

Determine your needs and abilities

Before you open a page of reviews on VDRs, you need to know exactly what its services will benefit your company’s operations. You need to pick a data room virtual in which your colleagues and potential partners can easily adapt. 

You need to understand what your company’s priorities are, if you just need a safe place to store your documents, then you need to choose a space that is more focused on security, but if you want to use VDRs to improve your business processes, then you need a data room that is focused on M&A and due diligence. It’s all very individual. And only after you have answered these questions for yourself can you proceed to the next stage of your search. 

Determine the features you want

Now, based on your needs, you can visualize more clearly what features should be in your ideal VDR. Typically, VDR services fall into categories such as: 

  • Security 

Security is the main aspect this space is known for. Entrepreneurs more than anyone else know how important it is to keep their valuable data private. Leakage of this data can lead to the complete collapse of the company, so you must be careful to ensure that the VDR you choose has ISO 27081 security certification as well as two-factor authentication. Also, a quality data room should have encryption features, document access control, and watermarks. That way, the risk of password or data theft is greatly reduced.

  • Document management capabilities

In addition to storage, some VDRs also offers the ability to add notes, comments, and set deadlines after which access to the document will be denied 

  • Permission settings

This includes allowing or restricting certain document manipulations (copying, screenshotting, printing, saving, etc) and setting the roles of users according to which they can only have their specific actions

  • Analytics 

A good data room automatically provides the administrator with reports about the users, their actions, and documents. This will have a positive impact not only on the security control but also on the project management. 

  • Support Service

The support team should be responsive and come to your aid quickly and at any time. 

Consider your budget

VDR prices also differ depending on the services offered, you need to choose the most cost-effective price range for you. The price usually depends on factors such as:

  • Number of users 

Depending on the size of your business, the number of users will be determined. Providers may offer the capacity of a certain number of users, and for additional users, you will need to pay extra 

  • The size of your storage

Usually, companies do not have enough space provided by providers, and they will also have to pay extra for increasing the limit

  • Number of documents

Some providers charge by the minute (80 cents max) and if you are a big company with voluminous projects this might be too expensive, you better not choose a provider with this kind of pricing