In the course of the last few decades, innovative technologies have changed the established patterns of the business conduct. One of the novelties is connected with the introduction of virtual data rooms – online repositories for digital copies of the documents. VDRs are used not only for the information storage but also for execution of deals and transaction. In the conditions of globalization and growing number of cross-national business connections, virtual data rooms seem to be a solution that can simplify the deal-making process and save companies’ resources.
Although there are numerous VDR providers, not all of them are capable of satisfying the needs and requirements of those involved in a deal. The following tips will help the one to focus attention on the crucial aspects and to choose a decent VDR.
Reputation a vendor has on the market usually mirrors the quality of services it is able to provide. Feedback from the users, evaluation of the experts will help the one to estimate advantages and drawbacks of a certain VDR. It does not mean that the decision about virtual data room choice should be done exclusively on the basis of vendor’s reputation, but this aspect must be taken into account.
The more experience a vendor has – the more successfully it can satisfy demands of various clients. For this reason, a VDR that was involved into numerous complicated transactions and deals seems to be more trustworthy and decent. Hence, checking the list of previous provider’s clients can give additional points to a VDR.
- Document security
A virtual data room should be focused on the safety of confidential data uploaded to the storage. Thus, a reliable VDR is supposed to have all the required security certificates (ISO 27001 and SSAE 16), provide data encryption, firewalls, complex user verification system, watermarks, etc.
- Access security
Different levels of data disclosure and access are the necessary feature of a respectable VDR. The room administrator is the one to decide who can see what information and how long for. He should have all the rights to open and limit the access to the selected files, folders, the room in general. In addition, regular audit reports help to track the activity in the data room.
A good VDR should be easy to set up and to navigate. Intuitive user-friendly interface and a logically organized file system are supposed to facilitate the work in the data room: users can focus on the documents examination and do not waste time on getting used to complex VDR functions and architecture.
A set of certain features can bring additional comfort to the work inside a VDR. For instance, advanced search functions such as full-text search, filtering capabilities, a right to embed links from one document to another and to marking favourite files speed up the work. Bulk upload and drag and drop function also facilitate exploitation of the VDR.
A virtual data room should be accessible 24/7 worldwide in order to simplify cooperation with the current and potential partners that are geographically remote. If the room is constantly accessible, the execution of the deal does not depend on the space or time restrictions. Also, a virtual data room should be available on the mobile devices: in such conditions the user would have an opportunity to work on-the-go and not to be tied to the office.
A qualified team of professionals and a project manager should be available to consult a VDR users. Almost instant assistance distinguishes a reliable and adequate provider.
The exploitation cost of a virtual data room varies significantly on the provider, on the expected duration of the deal, on the specific services needed, etc. As there are numerous vendors on the market, the client has to decide how much he is ready to spend on the virtual data room.
One more crucial trait of a sophisticated VDR is that it is not overloaded with unnecessary features. The client has to have a choice between VDRs of different functionality depending on the needs and expectations. Hence, if the list of offered services is way too excessive maybe it is high time to reconsider the final decision and to look for another data room.
As the market is rapidly growing, new and new vendors appear day-by-day. Having a reputation of reliable provider, iDeals https://www.idealsvdr.com/ is among the top-10 and keeps its position on the market for eight years. They offer highly functional customized services for a reasonable price and their virtual platforms will facilitate and simplify a cumbersome deal-making process.