If you want to protect intellectual or information property, you should use data room software. Traditional rooms and cloud storage have lost their relevance due to the low level of security. VDRs offer reliable data protection by providing users with the high-speed content transfer. In this case, you can adjust access rights, hide part of the text in the document, or use watermarks. All this has made virtual platforms a relevant alternative to standard rooms in the long run. Stay with us, and you will learn how to choose the best offer among dozens of virtual data room providers.
Optimization of Business Processes and the Main Benefits of VDR
As we said earlier, VDR provides users with secure access to content. You can set access rights for one or more persons for a limited or permanent period. As a rule, virtual data rooms are used to optimize the following processes:
- creation of an information archive;
- corporate reporting;
- IPO transactions;
- negotiations with investors;
- company restructuring;
- mergers and acquisitions;
Use data room review to choose the best VDR option for your business needs. At the same time, you will receive software for exchanging data in real-time, in different formats, and on different devices. In addition, some providers integrate additional tools into VDRs, even allowing video conferencing.
Virtual Data Room Security Features
Software developers for virtual data rooms consider security a top priority. This factor is the basis for the success of any remote transaction. Efficient software can greatly improve the way sensitive information is handled by automating most processes and reducing the risk of human error. There are several factors to consider when choosing a VDR provider, as listed below:
- Certificates and security protocols. Data room service providers must take all necessary steps to comply with industry standards, especially mergers and acquisitions and due diligence.
- Physical security. Since the physical servers run an online platform, it is important to know where the VDR data centers are and how the provider maintains them. Try to get more information about the provider you are interested in and visit site.
- Access permissions. Not all VDR users have the same levels of access and privileges. Platforms should allow you to assign roles and even restrict access to specific room sections.
- Visual protection of documents. Even authorized users can accidentally compromise information security by gaining access to an VDR in a public space.
- Access to documents. Good virtual room software allows users to customize the security conditions for each document.
- User activity reports. The most experienced providers know how important it is to track the activity of each participant in particular.
- Remote wipe. Services such as remote wipes, print restrictions, and screen capture and upload restrictions can improve your sense of control and security.
When comparing virtual data rooms, try to find out as much as possible about the provider. For example, how long has this developer been on the IT market, the reviews, a free trial period, and is it possible to integrate additional options? To get answers to these and other questions, you can contact customer support or conduct an audit of the site yourself.
How to Choose the Best Virtual Data Room: 6 Easy Steps
Given the abundance of offers in the online data room software market, it is best to follow the algorithm to make the right decision. The main steps are listed below. To help you choose the best solution for your business.
Step 1. Determine a comfortable budget
VDRs services vary in cost depending on the user’s company size, project type, and each provider’s pricing policy. Calculate an approximate budget — it is best to take the average tariff for services or contact the support service to clarify the price.
Step 2. Identify available virtual room providers
The next step is to create a list of providers available in your region (be it Australia, Mexico, Spain, El Salvador, Costa Rica, or any other country) that offer a secure platform based on price, regions of operation, and market experience. The stage includes browsing websites and comparing features, and evaluating related features.
Step 3. Determine the features you need in the data room
At this point, you will need to identify the services and tools that will make a difference in your particular project (required certifications for due diligence and M&A, ease of project management, user email invite feature, etc.).
Step 4. Compare virtual data rooms
The next step is to create a list of platforms that meet the outlined criteria. After that, it will be enough to choose two or three providers that you can use.
Step 5. Contact Suppliers
Once you’ve identified companies to consider, it’s time to contact their support teams to ask questions about their services, estimate project costs, request a free period, and answer any questions you might have.
Step 6. Request an electronic data room demo
A live demo of the platform can help you make a more informed decision. In addition, if a free trial is offered, you can take advantage of this trial period to make sure the platform meets all your requirements.
For many companies, the most difficult step is choosing the right software. In addition, the data room will determine how quickly the deal will be closed and how convenient the process will be for all parties involved. Therefore, it is crucial to pay special attention to choosing the best software for your business.