Today, virtual data rooms are among the most useful business tools for conducting transactions, storing and sharing documents, and working together. VDRs are known for their security, ease of use, and efficiency in conducting transactions, but the process of choosing your VDR provider should be conducted very carefully. In this article, we will tell you how to choose the right VDR for your company.
Basic VDR features that every provider should have
Virtual data rooms in general are robust digital spaces that help and simplify many business processes, but not all providers are the same between them. It’s insanely important for you as company leaders to learn how to distinguish between quality and conscientious providers, and those that provide unfair pricing and an incomplete feature set. The main features that should be present in any quality data room provider are:
- Controls and settings for file access rights – When you grant third parties access to your valuable data, it is important to understand who should and who should not view certain documents, as well as what interactions they can perform with them. With this feature, you can customize things as you see fit, secure your documents, and make it easy for potential partners
- Document expiration dates – set expiration dates on your documents, and when they expire, users will no longer be able to access them
- Watermarks are a great way to protect your documents and prevent unwanted duplication or reuse
- User activity tracking is the ability for administrators to see what other users do with their documents, so you can better control the project process, leaving no questions about security
- Custom branding – this feature allows users to customize the VDR space with their brand and logo to make it easier for investors or clients to identify them
- Project archiving – after the process of the deal or project, all the data will remain stored in the space for possible future use
Three things you should pay attention to when choosing a VDR
VDR providers should offer something more than the standard features and options. We’ll talk about the quality of that “something” below:
The VDR space will hold all of your sensitive data, so VDR developers must have a high level of security. When selecting a project, you should also pay attention to the hosting aspects, i.e. uptime and ways to detect intruders early, as well as the presence of virus scanning. A VDR should have the best security certificates that comply with worldwide security standards, as well as provide the best methods of data encryption and dual authentication.
- Customer Support Services
Providers need to provide their customers with proper service, so ideally, they should provide support help not only during business hours but at all hours of the day and night, working without weekends and holidays. The support team should consist of professionals in their field, as well as be responsive and get in touch with customers in the shortest possible time. Before you buy a VDR, be sure to pay attention to these aspects or check with your provider.
- Easy to use
A VDR should help you and make your job easier, not the other way around. The data room interface must be as simple and clear as possible because a company cannot afford to spend extra time on learning a new product. It is very good if the support team provides training materials for use, and ensures that it does not take more than two days to learn VDRs.