How to Assess Virtual Data Room Providers

22 Oct How to Assess Virtual Data Room Providers

Virtual data room providers offer many different functions and features that can be used to meet the various needs of cases. The ideal VDR depends on the scope of your project. The most important aspect to consider is securing your sensitive documents, which may require features such as granular permissions, file expiration and audit trails. The best solution for this is to find a company with ISO 27001 certification. This certification official statement gives clients the required control, reporting and procedures to secure online data from cyber-attacks and other security vulnerabilities.

Ask your contacts for recommendations and schedule demos for potential providers to see how the platform performs in practice. Ask for recommendations from your contacts and schedule demos to see the software in use. Review the pricing structure for features that match your goals for business. A lot of providers offer free trial periods that enable you to test the platform’s functionality and performance, without any financial commitment. Without a trial you run the risk of selecting a virtual data room that doesn’t match your requirements and workflows, which could result in high costs of switching later on.

For companies operating in the immovable property industry using a virtual data space can be an excellent way to share documents regarding deals and closures with other parties. Security of these documents is essential in this case and a virtual data room with granular permissions and tag-levels at the folder level can make sure that private documents stay that way. Additionally, document viewing is easy with bulk downloads and collaboration is streamlined with built-in chats and Q&A.