Virtual data rooms are available to everyone, no matter if you’re an investment banker that advises clients on M&A or a business that wants to share sensitive documents outside the firewall. There are a myriad of virtual data room providers, each with its own pricing, features and user-friendliness. But which one is right for you?
Understanding your goals and needs is the first step to find the VDR that meets them. Many companies that start using a VDR find that their needs change as time passes and it’s crucial to make sure the provider you choose is able to meet your changing needs.
For example, if you are conducting due diligence on a prospective real estate deal, a VDR equipped with analytics built-in and dynamic infographics is essential. These tools let you quickly review data, which reduces both the time required and the costs of conducting due diligence.
Another crucial aspect is security and access control. You want to be sure that you have the ability to control which documents are being shared and by whom. This is accomplished by using features like granular permissions and IP restriction. Watermarking, data siloing, and private impairing servers are also employed. Activity reports also show who accessed the document and when, so you can track usage.
You should also look for companies that offer free trials. This allows you to experience the tool and see if it meets your needs before uploading a large amount of data. Be aware that some providers may spend more money on perks and gifts than they do on their actual product. This could result in a data space that does not have the features you require.