It doesn’t matter if you’re an investment banker offering advice to clients on M&A or a corporation looking to share sensitive documents outside the firewall, there is plenty of providers offering virtual data rooms. They vary in cost, functionality and ease of use however, which one is best for you?
Understanding your goals and needs is the first step to find a VDR that is able to meet them. Many companies that start using a VDR find their requirements evolve in time, and it’s essential to ensure that the vendor you select can meet your evolving demands.
If you’re conducting due diligence on a real estate transaction, then a VDR with analytics and dynamic infographics will be crucial. These tools let you quickly analyze data, which can reduce both the time required and the costs of conducting due diligence.
Another essential feature is security and access control. You want to be sure that you can determine which documents are shared and by whom. This is made possible by features such as granular permissions, IP restriction, watermarking and data siloing in private impair servers. Activity reports also reveal who accessed documents and at what time it is possible to track usage.
It’s also recommended to look for providers that offer trial versions for free. This will let you test the software and determine whether it’s suitable for your needs before uploading large amounts of data. Be aware that some businesses spend more on gifts and perks instead of their product. This could mean that you end having a data room which doesn’t have the functionality you require.