Choosing a data room is no easy task. However, such services are only gaining momentum, taking away the palm from corporate cloud storage. In the article, you will find comprehensive information on choosing a data room, what characteristics are essential, and the advantages of working with such services.
Choosing a Virtual Data Room Provider
Modern online data room software requires a lot of attention to choice. You can use the programs you are interested in demo mode for several days to a month, but you need to understand what to look at and what functions to evaluate.
This selection criterion is the main one. After all, in a virtual data room, first of all, you want to be sure. Information from the developer about the technologies used and the availability of a certificate will help you make sure that it is safe. Do not buy programs that are not certified – they can be dangerous for your business data.
Convenience and functionality
An effective virtual data room starts with the ease of use. It should be equally easy for both a developer, designer, financier, and lawyer. Depending on what tasks you are buying a data room for, it is worth looking at different features. For example, some programs provide the ability to conduct online meetings with minutes of meetings; in some, you can work on documents right inside the room. Sometimes developers add the ability to apply watermarks to files in the data room.
Make sure in advance that the data room has an efficient support team available to help at any time of the day. Every self-respecting provider guarantees that users can ask for help 24/7.
Almost all providers of such services provide an opportunity to try the product first. However, if this is not possible, ask your provider for it. Only in this way will you be able to test the data room, make sure that it is convenient for you, and covers your requests.
An important factor when choosing is the price. The cost of virtual data room services varies greatly depending on the functionality, several users, and additional service packages.
For example, the most inexpensive data rooms can cost between $15-$25 per month of use. On the other hand, a significant functionality for corporations can cost $ 1000-1500 per month and more.
Read the recommendations on forums and websites, and ask your friends who work with large corporations. Many already have opinions about which virtual data room should be preferred.
Also, other people can focus on the shortcomings, which the developers will keep silent about.
However, remember that VDR development companies value their reputation and will not create low-quality products.
TOP virtual data rooms
Here are a few data rooms to look out for:
- German development with a 7-day trial opens up a simple data room for you. There are few tools here, but they are enough even for mergers and acquisitions.
- Since 2005, this product has kept pace with the times and offers users the most valuable modern developments.
- A reasonably versatile tool that is best adapted for mergers and acquisitions.
- V-Rooms. It is ideal for small and medium businesses that are not ready to pay for large rooms but want to protect their data reliably.
Of course, don’t overlook the mastodons in this industry: Merrill, Intralinks, ShareFile, iDeals.