How to Choose the Best Virtual Data Room for Your Business Needs

The demand for virtual data room solutions is undoubtedly growing. More. More and more companies want to purchase this product because VDRs offer a solution to many severe problems, such as security, document management, and others. However, even when buying VDRs, it is possible to make a mistake and buy a solution that is unprofitable and inefficient for you. To prevent this, you need to know how to choose the fitting data room for your specific requirements, and this article will tell you how.

Determine your requirements and capabilities

Among the vast selection of proposals, we often get lost, and of course, we choose the wrong one. To prevent this, you should always keep in mind your actual business needs and focus only on your criteria and not because of outside influence.

You should choose a VDR provider that works directly in your industry and consider what specific transaction or project you need the service for. How much storage you’ll need, what files you’re going to upload there, and what your budget – answer these questions so you can be clear and move forward.

You should also be guided by your colleagues and their level of technical proficiency so that you don’t spend a lot of time adapting to the new system later on.

Decide on the features you want to see in the VDR

Based on the criteria you’ve identified, you should also formulate a list of desired features. Since the data room has many industries and purposes, some are just for storing data, some offer transactional functions, and others provide project execution tools. But while the profile features are up to you to choose for yourself, below, we’ll point out the essential tools and features that any quality data room should have:

    • Security is a significant feature of VDRs, so bona fide providers should have all modern security measures in their arsenal, including a security certificate (SOC 1 or 2, ISO 27081, etc.). They should also offer data encryption, dual authentication, and watermarking features to help effectively protect against data leakage
    • Document Management – VDRs should provide their customers with simplified document management and, therefore, should have automation features for uploading, converting, and indexing files. Intelligent search will help you quickly find the document you need
    • User management -Flexible data room functionality should provide administrators with detailed permissions that prohibit and allow functions such as copying, uploading, printing, forwarding, and editing documents depending on their responsibilities
    • Controlling features – administrators need to remain aware of all events happening within the VDR, so data rooms should offer audit logs and monitoring features that detail the actions of other users
    • Support service – focus on the quality of the support team. You can even personally test their professionalism by calling their hotline or chatting with them online. Every client wants their problem to be addressed quickly and efficiently.

Read reviews and reviews

When you’ve chosen a few contenders of VDR providers, you should also study reviews from their customers in detail. However, remember that not all reviews and testimonials are accurate and fair. It would be best to choose reliable sites that only write truthful reviews and give honest ratings. Some of these sites are:

      • Capterra
      • SoftwareAdvice
      • Trustradius

When researching, pay attention to feature descriptions that relate to your needs.