The transition of businesses to a digital work model has brought many challenges. Companies need to find a dedicated space to store sensitive data and a platform for remote collaboration and discussion. Virtual data rooms have become the most sought-after online business solution for managing and storing data, projects, and transactions. They provide high security and other useful features, but there are some factors to consider to choose the right VDR provider.
Presentation of virtual data rooms
Virtual data rooms are cloud-based online spaces that have become widespread in almost every industry and size of business. The main feature of VDRs is their top-notch security, which allows you to store data and transact online without the threat of data leakage. What sets Data Room apart from other cloud solutions is that it is an internationally certified security solution, which business owners highly value. As a result, the demand for VDR solutions is higher than ever, so the number of offerings also continues to grow. Although the general purpose of virtual data rooms is similar, they differ in terms of features, pricing, interface, and so on. Hence, companies need to pay due attention when choosing their provider.
How to choose the best data room for your business: a step-by-step guide
Without a clear understanding of what to do, it’s very easy to make the mistake of choosing a virtual data room. As a result, the solution will work to your detriment rather than your benefit, and its capabilities won’t be able to reach their full potential because they won’t correlate with your needs. To purchase a profitable VDR solution, you must complete the following several steps:
- Identify your needs
Every company is different; you need to consider the size of the company, its industry, and many other factors when choosing a VDR. For example, you need to decide on the following questions:
- What level of access will each participant have?
- What is their level of technical proficiency?
- How much data do you want to store, and what type of files?
- What level of privacy do you need?
- Consider the features you need
VDR is a lot different than public storage. Its mandatory security features should include data encryption, dual authentication, watermarks, and detailed access permissions that allow you to regulate the ability to copy, forward, edit, print, and download the document. In addition, VDRs should offer tools for easy document management and communication.
- Distribute the budget
The functionality and capabilities of a data room are always commensurate with its price, but that doesn’t mean that a quality virtual data room will cost you. VDR pricing may be sympathetic to your budget, or vice versa, as they may offer a price per page, per user, per GB of storage, or a flat monthly fee. Compare the pricing to your business, and figure out which one will be more beneficial to you.
- Compare VDRs
The comparison is a complex process during which you need to consider criteria such as security, deployment, support, user management, and interface.
You must ensure that the provider offers the advanced security features mentioned above and has a quality security certification, such as ISO 27001, SOC 1 and 2, GDPR, HIPAA, etc.
In deployment, the data room must be flexible enough not to cause access issues for users. The ideal solution can be supported on all devices and operating systems.
Support should be available at all times of the day and provide a quick response to requests. In user management, VDR should allow different access levels, activity tracking, etc. Lastly, the simpler the interface, the better. You have to adapt quickly to the new space.