Keeping and exchange of the secret files in a virtual space turned out to be an inevitable demand of the current business environment. Numerous software developers offer businessmen highly protected online spaces which must simplify the whole course of the transaction accomplishment – so-called virtual data rooms. Their core task is to ensure security to digital versions of files. A virtual platform can be used not merely as a depository for confidential files but also as environment where several VDR visitors may exchange and talk about files, transactions, and deals. Therefore, VDRs canceled the need to accomplish the whole transaction exclusively during face-to-face negotiations. As long as virtual repositories are becoming more and more demanded, plenty of virtual data room providers provide their software on the market. Evidently, not each platform that exists is reliable and decent enough to entrust them confidential corporate information. To find a proper room, the potential client must take into account diverse aspects.
1. Reputation and experience inherent to the VDR
Take into consideration the reputation of the provider. Usually, the reputation might be rated on the basis of the opinions available online. Both – the comments of regular users and the evaluation by experts – seem to be valuable when it comes to the selection of a virtual data room vendor. Also, it is helpful to analyze the details of the projects which were managed with the assistance of the virtual room and, possibly, even to get in touch with the deal-makers from an organization that has already used software developed by the vendor. Also, the well-known vendor will be able to offer specific services to a businessman.
2. The instruments the virtual data room can provide you with
If looking for a data room, a particular set of essential features must be paid attention to. All in all, a good virtual data room focuses attention on information and access protection. The virtual data room is excepted to have all the security certificates (SSAE 16 and ISO 27001), provide strong data encryption, firewalls, 2-step user authentication process, watermarks, etc. Moreover, the VDR owner is expected to possess all the rights to manage access to the platform in general and to selected files, folders. Audit reports generated regularly allow to keep an eye on all the actions performed in the repository. Despite being secure, the VDR have to be easy to exploit. Therefore, intuitive interface that facilitates work in the virtual platform proved to be important. Novel upload and search options also simplify and accelerate the work in the virtual platform. The named tools do not constitute an exhaustive list of the options that the deal-maker may demand from the virtual platform: the expectations will depend on the client’s demands.
3. Expected expenditures
If there are plenty of vendors on VDR market, the businessman can find rooms that differ in price: the cost of utilization depends generally on the provider, on the estimated time needed for execution of the transaction, on the specific services expected, etc. Therefore, the potential data room user is supposed to be critical and to decide how much he can afford to pay for the virtual data room.
4. The advantages you and your business partners can experience
A platform should be not just cheap enough and convenient for the room owner but also meet the requirements of the owner’s current or potential business partners. Sometimes it is a good idea to subscribe for the more functional VDR considering it is equipped with multiple features beneficial for the stakeholders.
5. Required level of functionality
Before you select a repository, holistic evaluation of the requirements and expectations has to be performed: not a single deal-maker needs an expensive data room provided with multiple pointless services. The potential user is expected to make sure he plans to pay for tools he actually needs and expects – not for popular and fashionable tools which have hardly anything in common with information safety and storage.
Keeping these simple tips in mind, the potential customer might have just a few uncertainties when selecting a VDR. Although this process can take some time, it is better to waste a few more days and to try demo versions of diverse repositories than to select the very first VDR which was on sale at adequate price. You have to remember the fact that you are buying for your security and comfort and the VDRs are definitely not the ones to save money on.