Storage and exchange of the sensitive documents online turned out to be an indispensable necessity of the up-to-date business environment. Multiple software developers provide deal-makers with highly protected online venues which are expected to bring the ease to the entire course of the deal execution – so-called virtual repositories. Their key duty is to guarantee safety to digital versions of documents. A virtual data room might be used not merely as a repository for secret data but also as room where a few room visitors might exchange and talk about documents, deals, and transactions. That is how, VDRs eliminated the requirement to accomplish the whole project merely throughout personal meetings. While online data rooms are becoming more and more demanded, multiple providers provide their data rooms on the market. However, not every existing platform is reliable and good enough to entrust them confidential corporate information. To find a good virtual data room, the businessman has to pay attention to the following aspects.
1. Reputation and experience gained by the virtual data room
Be critical to the reputation of the provider. Commonly, the reputation can be judged according to the comments posted on the Internet. Both – the opinions of regular room users and the investigation by experts – seem to be essential when it comes to the selection of a data room vendor. In addition, it is interesting to find out the nuances of the transactions that were managed with the assistance of the virtual repository and, perhaps, even to meet with the representatives of an organization which has already used services of the vendor. In addition, the decent provider will be capable of offering customized functions to a room visitor.
2. The functions the VDR can offer you
If selecting a virtual repository, a certain set of crucially important instrument have to be considered. Thus, a decent virtual data room concentrates on files and access safety. The virtual room is supposed to have all the important certificates (ISO 27001 and SSAE 16), ensure data encryption, firewalls, 2-step user authentication system, watermarks, etc. Moreover, the virtual data room owner should be provided with all the rights necessary to take care of access to the virtual data room in general and to particular documents, folders. Regular audit reports allow to follow all the actions that take place in the virtual room. In addition to being secure, the virtual platform must be easy to utilize. Hence, simple interface that simplifies navigation in the virtual room proved to be important. Innovative upload and search instruments also simplify and speed up the project execution via the room. The named functions do not form an exhaustive list of the features that the client should look for in the room: the list will be dependent on the customer’s demands.
Considering the fact that there are various vendors on VDR market, the one can search out virtual platforms that differ in price: the cost of use depends mainly on the provider, on the estimated time needed for fulfillment of the transaction, on the particular instruments required, etc. That is why, the potential VDR user is expected to be fair to himself and to realize how much he can afford to pay for the VDR.
4. The benefits you and your partners will have an opportunity to experience
A platform is expected to be not only cheap enough and convenient for the data room owner but also fulfill the requirements of the owner’s current or potential business partners. Maybe it is better to choose the more reputable platform if it has various services expected by the other participants of the deal.
5. Adequate level of functionality
Before make a first payment for a virtual room, attentive estimation of the demands and expectations should take place: not a single deal-maker needs an overpriced virtual platform which is equipped with a wide range of useless options. The potential customer has to make sure he plans to pay for functions he really needs and expects – not for trendy and catchy services which have nothing to do with data security and storage.
If following these simple tips in mind, the client may have not that many doubts when choosing a virtual platform. Even though the selection process may take a considerable amount of time, it is advisable to spend a bit more time and to try demo versions of a few data rooms than to buy subscription for the very first data room which was on sale at reasonable price. You must remember that you are buying for your security and comfort and the data rooms are definitely not the ones to save money on.