The Virtual Data Room is a modern web-based repository for valuable data that is widely used among organizations. Business owners love these programs for providing absolute security and ease of use for financial transactions as well as due diligence during M&A. But not all VDR providers provide the same quality of service, and in this article, we’ll talk about six things to look for when choosing the right data room for you.
Ease of use of VDRs
Before you choose a data room you need to ask the provider some questions about their interface. Some VDRs are either not very professional, or on the contrary, created for already too experienced users, have a confusing and loaded with all sorts of functions interface. This is not very convenient because this space will be used not only by you but also by your employees and clients. You need to take into account the technological awareness of your mentees and choose a program that does not need to spend an extra week to get used to it. Not only will this not save you time, as expected, but it will also increase the chance of any errors due to the confusing interface. The best thing you can do is ask your ISP for a demonstration of the VDR before you buy it.
A pricing structure tailored to your deal
Providers have different pricing policies, some charge based on the number of users and some on the number of megabytes or pages used. You need to think about which of these is more advantageous for you. After all, if the documents you store consist mainly of text, choosing a provider that charges per page will not be at all profitable.
Also, depending on the size of your business, consider whether it is better to pay for each user individually or to acquire a certain number of users.
Support for setting up and moving forward
Your provider should have a responsive support team that will be ready to show and tell you how to do some processes at the beginning, and help you through the whole user experience, preferably by staying in touch around the clock.
Fully secure virtual data room
File exchanges during transactions should remain secure, so your data room software should have high resilience against hacker attacks. Be sure to check the provider for up-to-date security certificates and consider the developer’s reviews and history. Having additional security features like dual authentication and data encryption is also a definite plus.
Document access control
In addition to providing security from external threats, an efficient provider will also take care of the protection of documents inside the company, because you never know what may happen. Thus, providers should provide administrators with document access control so that only they can decide who is allowed to see what document and what should be done with it at all. The provider also allows you to track users’ actions in the program and see what document was viewed by which user, and how much time he spent in the file.
A business room that will never let you down
Failures in the program system are not uncommon, but it is still very unpleasant and can be a security threat. Any good provider understands this, so he should have a second server in stock. Make sure that this second server constantly replicates the data from the first and can start its work immediately.