Today, the virtual data room is an indispensable tool in many business processes that require data management and reliable data protection. However, not all of them are of equal quality and usability, the functions of different VDR providers also often differ from each other. So that you can choose the right VDR device and not pay for it, the best solution is to do a comparison of providers. This reveals to you both the features of the tool and its drawbacks. Below we will point out the main points to consider when choosing a data room.
Key aspects to look out for
The main characteristic to look at when comparing vendors is their security system. VDR is indeed the best in terms of security among other alternatives, but not every developer maintains that bar of proper security. So if you don’t want to put your company’s sensitive data at risk, take the time to make sure that the solution you choose can do the job. Much, of course, depends on your security management and controls, but the VDR should have a strong enough security “baseline.” The best way to assess the security level of a data room is to look at its certification. The best certifications today are ISO/IEC 27001:2013, GDPR, and SOC2.
Also, look directly at the security features that the VDR has. It is very important that it has data leakage precautions such as access controls and prohibiting copying, printing, downloading, and forwarding of the document, built-in anti-virus, providing access at the group level, and by IP address and date. The presence of advanced 256-bit encryption is also a must-have feature.
Availability of useful tools for easy operation
Surely every business owner wants to keep everything under their control during a transaction or any other business process. In order for this to be possible, the data room should provide an audit trail to keep track of the actions of all users.
To organize your data more efficiently, the provider should build you automatic indexing, and smart search in the form of keyword searches or character recognition and useful workflow tools. Also make sure VDR knows how to format uploaded files on its own, or supports multiple file types, so you don’t have to do this chore manually.
Features for comfortable use of VDRs
A data room should not only protect you but also make it easy and comfortable to work in. VDRs should be able to make your remote work as efficient as your normal work. To do this, make sure your vendor provides a collaborative environment, convenient and safe places to discuss issues (such as a question-and-answer section), and instant automatic notifications of any changes in the space. This will allow you to effectively communicate and share sensitive files without the slightest risk.
A quality VDR should also have integration with other useful business applications so that you can work without leaving space. The ability to work with several clients simultaneously would certainly be a plus because this way you will have a better chance of a successful transaction, and most importantly, none of the potential clients will be aware of the existence of the others.
The interface of the program should not be overloaded with various functions, and the support team should ideally provide some kind of knowledge base on how to use VDRs in the form of webinars, online training, or educational materials. Also, make sure that the support team works in your language and can reach you on any day or any time of the day.