How to Choose the Best Virtual Data Room?

Virtual data rooms help businesses, extensive holdings, and startups work securely with data arrays. This means that information cannot be stolen by company employees or stolen by hacking. However, the abundance of virtual data rooms creates a problem of choice. The tips in today’s article will help you make the right choice among the many virtual data rooms.

What tasks do you need a data room for?

This is the first question to be answered for ourselves. Although the functionality of virtual data rooms is similar, some are more suitable for specific tasks. For example, if you need a space exclusively for big deals, you can take a closer look at DealRoom. On the other hand, if you have a small business that is not ready to pay a hefty amount but wants to work securely with documents, then it is better to pay attention to Sharefile or Caplinked.

What is the scale of your company?

Small, medium and large companies differ in capitalization, market power, or the number of employees. Each of the enterprises is ready to spend one or another limited amount on a virtual data room. And this is completely normal because the use of software should not hit the pockets of the enterprise.

Different companies are willing to shell out different amounts to purchase VDRs. For some, $100-200 is the limit, but some businesses are willing to pay thousands and tens of thousands for convenience and security. Consider how much your company would be willing to spend on a virtual data room.

What data volumes do you need?

Virtual rooms offer different amounts of storage for their users. This will be one amount if a few hundred gigabytes is enough for your company. But there are also those enterprises that need terabytes of space in the VDR.

Also, note the ability in specific data rooms to access unlimited storage.

Are you ready to deal with VDR or want to master the software quickly?

Virtual data rooms differ in their interface. But, of course, manufacturers are fighting to ensure that their programs are the most convenient, simple, and understandable. The simpler the data room, the more attractive it is for users.

However, more expensive data rooms may provide more features that take a long time to figure out. Consider whether your company is ready to spend 1-2 months training employees. If not, then maybe you should try simpler software.

What are the ratings of the selected provider?

Suppose you have already chosen several options for yourself. Please note that all sites where virtual data rooms are compared have service ratings. The VDR can have two ratings – set by the browser service and by the users themselves.

If you have an authoritative publication in front of you, then its words can be trusted. But much more eloquent are usually user reviews. There you can find out the opinion about a particular service firsthand. In addition, users are happy to disclose all the advantages and disadvantages of the pages of browser sites.

Can the provider give a demo version of the application?

The easiest way to understand whether the software suits you is to use the demo version. Virtual data rooms usually give 3 to 20 days of free use. Only a few large providers do not offer such an opportunity to users (for example, Intralinks or Merrill, designed for large businesses).