There are countless options to choose from when it comes to a virtual data room. On the surface, different virtual data room providers may seem to be offering the same product or at least one with the same functionality. However, you need to keep in mind that different virtual data rooms come in different fashions and at different costs. There are promises that they also guarantee, but these may turn out to be unachievable depending on your needs.
It is essential to be extra careful in the quest for selecting the right virtual data room. For you to find a virtual data room that will be able to meet your needs, you will need to put the following factors into consideration.
Security is the most essential factor when selecting a virtual data room. You would want a data room that you can trust with your data. Failure to do so could lead you to significant losses and tarnishing of your brand as being unreliable. To ascertain whether the data room will be able to give your information the security it needs, consider working with a provider that is certified for information security. Also, the data center that the provider is using need to be approved as well.
Look for a virtual data room that allows you 24 hour access to your data. Inasmuch as most people will prefer virtual data room to local ones due the accessibility advantage, some of them may still have restrictions with time. You need a data room that allows you to access data when you need it, even if it is past working hours.
- Customer support
It may take you some time to know the way around the virtual data room. During this time, you will need assistance. Can the provider be able to meet this need? Remember that you are already looking for a virtual data room that allows 24 hour accessibility. Therefore you will equally need customer support that is available 24 hours to also provide you assistance for when you come across a challenge. Some providers will take an extra step and provide you with a personal project manager who is ready to assist you at any time.
- Ease of use
You do not want a virtual data room that will put you at your wit’s end when it comes to how it operates. A data room that is easy to use will save you the time that you would have otherwise used in training your staff. The platform should be designed in a way that it is easy to comprehend. As such, you will be able to run your deals smoothly and not spend too much time trying to train your workforce on how use the data room.
Note that you will not be the only party that will be accessing the data room. There are several parties that will need to access it. These people will be accessing the data room using different devices that are powered by different operating systems too. You will need a data room with a platform that can work with various devices without having to involve plugins. In this case, web-based platforms would be the best to employ, as they are compatible with most devices.
This is a significant factor. Virtual data rooms will always come a set of tools, some of which you may need, and some may not be so useful to you. As such, you will first need to consider how well the platform works for you needs. At the same time, it needs to go the extra mile to give protection to your information through rights management. You may also want to consider a platform that can meet individual business needs. You should also consider platforms that come with social networking tools.
The cost will vary with different providers. The functionality of a virtual data room may also cause some price differences. To get value for your money, choose a platform that meets your needs. For instance, if you need a one-time data room, working with one that is priced according to the bandwidth you will consume will be a better option. If you needed it to work on multiple deals for an extended period, the subscription model would be perfect for you needs.