How to Choose an Ideal Virtual Data Room: Your Guide on Choosing the Provider
Virtual data rooms are unarguably the most used solutions that provide businesses a competitive edge all around the globe. Online data room software employs the latest technology to offer businesses of all sizes an unprecedented level of privacy and security.
Nonetheless, choosing the right type of electronic data room can be an overwhelming endeavor especially, when there are so many vendors out there in the market.
But fret not — this guide is all you need to know; numerous factors go into when choosing the best virtual data room provider for the needs of your business. Without further ado, let’s get started!
What is a virtual data room?
Virtual data rooms allow businesses to share and store essential documents with team members and clients. They provide a secure and neutral space while enabling collaboration between members residing in different parts of the world.
What to consider when choosing the best virtual data room provider?
Since not all digital data rooms are created equal, consider the following factors before investing in a virtual data room.
- Your business needs
Before you go down the rabbit hole of online data room reviews, you need to consider what you will use the electronic data room space for and how it’s going to impact your business transactions.
What’s more, you need to analyze whether your employees are tech-savvy or not because in case they aren’t, you need to find a solution that offers a simple-to-use interface.
The following questions should be kept in mind while defining your business needs:
- What type of documents and materials will you be sharing and storing?
- What is an optimal size of storage to cover all your needs?
- What is the preferred or maximum budget you can allocate to a solution?
- Who is going to use a virtual data room: the entire company or a few team members?
- What are the positive and negative aspects of shifting to a digital platform? How will you measure the impact of it on your workflow?
- Document control possibilities
At the heart of any contemporary data room software is the ability to share, store, and control sensitive board materials while sharing with other third parties. Here’s a list of some pointers that you need to keep in mind while narrowing down the search:
- Does the virtual data room have a view-only option?
- Is it possible to put watermarks on viewed or printed files?
- Does a data room allow to place time frames for user access?
- Is it possible to restrict certain actions on documents, like downloading, editing or printing?
- Tracking and monitoring features
Having control over essential documents is half the puzzle; the best virtual data providers offer a complete suite of tools that help businesses monitor users’ activity. Make sure to invest in a data room software that enables you to:
- Track the log-in activity of every user
- Gather valuable information such as who, when, and for how long was accessing each file
- Get valuable insights on all user activity in automated reports
With everything going digital, security is one of the biggest concerns of all the businesses operating in the world, no matter the size. So, how to go about it?
There is no doubt, the best virtual data room provider’s strength lies in its security. Three vital aspects of security you need to keep in mind while choosing the cloud solution:
- Physical security: A good data room service provider uses industry-grade cloud servers with physical security features such as biometric access, fire protection, offsite data backups, and data redundancy.
- Data security: The best virtual data room provider will provide you with the highest level of security that complies with the security standards. The solution uses the best security practice measures like end-to-end encryption, virus, and intrusion protection to ensure that data is safe.
- Feature security: Did you know that most accidental data leaks occur due to human error? Yes! A good data room service provider offers essential tools that protect against users’ glitches and streamline the whole workflow. This would contain features like access control restrictions, inactivity timeouts, change and expiration requirements, etc.
- Expertise in your specific industry
It’s imperative to choose an online data room provider that has already facilitated businesses within your specific industry. By making sure you have invested in a solution that caters to the needs of your industry, you can be sure of a smooth and successful transition to virtual space.
- Extensive features
The best virtual data room provider is determined to deliver their customers with an experience that is tailored to their specific requirements. You don’t need to buy a solution that offers a comprehensive set of features; you don’t want to make things hard for you.
Always go for the data room service that best serves your company’s interest and keeps an eye on advanced technologies while updating its services.
- Customer support
A good data room service has a dedicated customer support team that is unrivaled in its ability and provides its customers with the prompt response they need and expect. The best virtual data room provider always listens to its customers and uses it for future development.
Making a mistake at this stage can be costly; take your time to map out all the things you seek in a solution. Finally, choose the data room service provider that checks either all or most of the boxes from your list.
The best virtual data room providers of 2022
Here’s a list of some of the best data rooms that offer secure and reliable cloud storage:
- Merrill Datasite
In this fast-paced world, where technology is more prevalent than ever, businesses across the globe need to take advantage of it to gain a competitive edge. Data room services offer corporations the opportunity to save money and other vital resources.
That’s because virtual data rooms allow you to store and exchange important business material in a matter of a few seconds, regardless of the location.
However, you need to do your research before investing in a cloud solution to ensure you get the best services. Always go for the solution that complements the needs of your business.