It doesn’t matter if you’re an investment banker who advises clients on M&A or a corporation looking to share sensitive documents beyond the firewall, there is no shortage of providers offering virtual data rooms. They vary in cost as well as functionality and user-friendliness, but which one is right for you?
The key to identifying the most suitable VDR is to fully understand your needs and what you’d like to achieve. Many businesses that use a VDR find that their needs change in time, and it’s essential to ensure that the service you select is able to accommodate your ever-changing needs.
For instance, if you are conducting due diligence for a potential real estate deal, a VDR that has built-in analytics and dynamic infographics will be crucial. These tools will help you analyze the data quickly, which reduces the time and expense of your due diligence.
Another crucial aspect is security and access control. You want to be sure that you have the ability to determine which documents are shared and with whom. This is achieved by using tools like granular permissions and IP restriction. Watermarking as well as data siloing and private impairing servers are also employed. Activity reports will also reveal who accessed documents and at what time it is possible to track the use of your data.
It’s also a good idea to look for providers that offer trial versions for free. This allows you to get a feel for the program and see whether it’s a good fit before uploading large amounts of data. Be aware that some companies may spend more on gifts and perks than they do on their product. This could result in a data space that does not have the features you require.