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A Quick Guide to Selecting the Best Virtual Data Room

Virtual Data Room Speaking of dataroom software, one thing is clear: there’s no rigid definition of perfect or the best virtual data rooms. The concept is simple; if you need the data room software for virtual collaboration and data sharing, it is mandatory to have all basic collaboration tools. Similarly, if you need dataroom software for simple data storage or sharing, you don't need project management tools or advanced communication features in your VDR.

However, there is a difference between mandatory and optional features. If you don't need video calling tools, it's totally your choice, but you cannot neglect the importance of security features in any electronic data room because they are mandatory.

Today, we are going to pen down some important aspects that should be a part of your research in selecting the best data room software.

As a bonus, here is a link to a highly trusted source where you can read more about the best virtual data room vendors in the market https://vdrsolutions.org/.

Guide to selecting the best virtual data room software

1. List down your needs

When choosing a virtual data room, it is important to understand whether you want to use it for safely storing your routine business documents, or you expect to use it for striking a deal with another business.

For example, if you are subscribing to a data room for M&A or fundraising, you may need specialized data room services such as iDeals, DealRoom, etc,. However, if you need a VDR for the long term to safely maintain a database, you may try options like SecureDocs, Ansarada, Digify, iDeals, etc.

In a nutshell, make sure you are clear about what you need a data room for.

2. Decide the features you want in your data room software

The optional features you want in your data room are for you to decide. Let's say you intend to manage projects and collaborate with your teams through VDR. In that case, you should look out for project management tools, task managers, Q&A modules, audio and video conferencing tools, etc.

However, no matter which data room vendor you choose and for what purpose, you should never compromise on the basic features listed below.

Virtual Data Room Cybersecurity certifications

The first thing which you might want to ensure is that the service provider is certified by regulatory bodies and complies with data security standards or protocols. Any VDR provider must comply with ISO 27081, ISO 27001, and ISO 27017. Other recommended certifications include FINRA, SSAE 16, and SOC2.

Document access control

Whether you need the data room software for deal-making or regular use, it is important to have control over your business data. For that reason, the data room you choose must give you the right to restrict users from accessing prohibited documents, files, pages, folders, or sections in the data room.

Here are some important features to ensure maximum data control:

  • Document access revocation, which gives you the option to revoke document access anytime.
  • Digital watermarks for the prevention of copyright issues.
  • Fence view mode to hide sensitive data in any document.

Audit logs

It is one of the most important security tools that keep you updated on your virtual data room activities. Thanks to audit logs, you can see or monitor your employees through detailed audit reports and identify any discrepancies or prohibited activities.

Other notable features that can add more security and value to your virtual data room include:

  • Bulk upload
  • Drag-n-drop
  • Integration with Microsoft and Google tools
  • Remote device purging
  • Chat messenger
  • Mobile and tablet app
3. Compare different virtual data room providers

Exploring different options in the market can help you find the best combinations of features and economical prices. Many data room vendors even offer customized packages that allow you to add and remove features in your desired VDR. Apart from that, try to compare data rooms based on:

  • Security
  • Extent of customization
  • Ease of use
  • Customer support service
  • Online customer reviews on Capterra, G2, Software Advice, TrustRadius, etc.
4. Contact shortlisted data room providers and ask for free trials

When you compare virtual data rooms, the long list of potential service providers is reduced to a few names. Once you do that, start contacting them and ask your questions. Be sure to assess the responses and behavior of customer support to make the right choice of solution in the future.

Apart from that, always ask for free trials because practical exposure to any data room can help you assess its actual worth. This is where you can decide whether a specific data room is suitable for your employees and business or not. Ideally, the free trial period should be at least 14 days. Final words
As you can see, there is no rigid criterion for choosing the perfect or the best data room because every business or professional has its own unique needs. Still, following some basics we mentioned above can save you from trouble when choosing data room software.

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 20th August 2022.

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