Virtual data rooms have become a real boon for business operations. However, entrepreneurs have always faced the problem of storing and sharing confidential documents, and finally, there is a solution that is ready to solve this problem. Data rooms are the most secure online store today, and in addition, they offer other practical tools for business management and complex transactions. However, not all VDR providers are the same, so how do you make sure you choose the best one? In this article, we’ll look at adequately comparing VDR providers.
Where do I start in choosing my VDR provider?
Before you jump into researching data room offerings, you need to have a clear idea of what you’re looking for. To do this, decide on the following questions:
- What is your business, and what is most valuable to it? How can VDR help with that?
- What budget are you hoping for?
- Roughly outline the features you want to see in your provider first
- Compile a list of providers you like and study their reviews
Below, we’ll highlight the main aspects to consider when choosing a virtual data room.
The VDR provider’s experience
Always pay attention to the vendor’s clients that are there now and have been there before. Are there significant companies among them that you could trust? If so, that’s a perfect sign. It is also essential to find out what line of business the VDR space is most involved in and whether it manages to meet the demands that the industry demands.
Typically, VDR companies post the most popular reviews on their official websites, or you can turn to reliable review sites. However, please pay attention to the VDR rating as well. It evaluates the provider’s overall performance, support quality, pricing, functionality, and interface.
Security is a crucial feature of the data room solution that makes it so valued among business leaders. However, not all providers offer enough quality security solutions, so you should always pay special attention to VDR’s security capabilities. First of all, a quality provider must have security certifications. The best credentials are ISO/IEC 27001:2013, or SOC 1 or SOC2 (Type I, Type II).
Also, the data room must necessarily have the following security features.
- Data encryption – a feature that protects against data leakage both during storage and during transmission of sensitive data
- Watermarks – protects your copyrights because they contain the name of the user who uploaded the document
- Detail permissions – allow you to control (as a group or individually) access and interaction with the document, copying, printing, downloading, and forwarding the document
- Login protection – double authentication and remote removal of the document from the device if it is stolen or lost
Expertise in your industry
Data room providers develop their software in various ways, focusing on features that may be more useful to a particular industry. Make sure your VDR provider is working in the same direction as you are, and then you can make the transition to a digital platform more smoothly. Some providers present themselves as one-size-fits-all, but experience shows that opting for a provider with someone or at most three areas of focus will be more reliable.
Pricing also varies widely from one provider to another. They may charge flat rates per month or page, per user, or gigabyte of storage. Choose the method that is most economical for you.