Virtual Data Rooms are a reliable way to reduce costs and time during a remote transaction. They provide companies with a secure space where you, your colleagues, and potential partners can perform your duties efficiently. However, using unreliable document storage and exchange solutions can lead to significant losses and damaged reputations, so you should buy an experienced and quality VDR provider. This article will look at the top 5 factors to consider when selecting a VDR.
Ease of use and access
A virtual data room is a space that should allow you to perform all your duties remotely, but complicated login systems and a cluttered interface will only slow you down. Certainly, VDRs should remain private, but a quality provider helps facilitate data sharing and other processes, not the other way around.
The main points you should pay attention to are the ability to invite users and upload data. How complicated are these operations? VDRs should provide their customers with features that automate data uploading, conversion, indexing, and synchronization. In this way, you will contribute to faster completion of cases, which the other side of the transaction cannot but be appreciated.
In addition, every authorized user should be able to log in anytime, anywhere, and from any device. VDRs should adapt their interfaces to mobile devices so that users can work even out of the office.
Control and Reporting
The most valuable thing a company can get during a transaction is the ability to have control over all activities, which will help them make sure their sensitive data is secure. To give you this control, quality VDRs should offer:
- Detail permissions – allow you to set different levels of access for users, depending on their responsibilities, which include prohibiting copying, printing, forwarding, and downloading a document
- Monitoring features -allow you to monitor user activities in real-time
- Audit logs -provide automatic detailed reports of all the actions of other users over some time. Inside the information, you can see what document the user entered, what steps he performed there, and how much time he spent there
Customer support service
Customer support service is essential for any VDR provider because every customer wants to know that their problem is ready to be answered at any time and in the shortest possible time. Therefore, when choosing your provider, you should ensure that the support service stays on call 24/7 for all holidays and weekends. Only how will you be able to ensure that your company performs well, despite all the potential problems you may have. Some VDRs even offer an individual project manager for each client to make your job easier.
Security is one of the data room’s most valuable offerings, but you should still keep a close eye on providers’ offerings to make sure they offer:
- Contemporary data encryption
- Two-factor authentication
- Limited browsing features.
These features provide strong protection against data breaches, unauthorized entry, and insider threats.
Always pay attention to the provider’s pricing models because if you are not careful, you might choose a type of payment that is not profitable for you and constantly suffer from overpayments. Some providers charge per page, per user, per gigabyte of storage, or offer flat rates. Pay attention to hidden fees and contract terms. But although data rooms do require some investment, they can save you a lot of money, time, and effort later on.