How To Choose a Virtual Data Room: Keep Things Simple and Secure

By Solisa

Virtual data rooms have afforded their users the ability to store their personal information securely and easily with their rise in the early 2000’s. Since then, this software has only improved and transformed to being more than just storage and now a repository of information as well as a tool for clear, concise collaboration. Various industries – from high-revenue M&A to small startup businesses – implement VDRs as a means of expediting, streamlining, and effectively closing certain projects.

However, finding the perfect virtual data room provider for a client’s needs can be difficult without an apparent understanding of what the desired outcome requires. This article will discuss the methods to attaining a VDR that is both within your budget as well as capable of handling rigorous deals.

What Makes a VDR Valuable?

To begin the process of finding the ideal virtual data room, it’s important to recognize what it is that makes one valuable to begin with. Why would a business professional need a VDR at all? The simple answer is that these types of platforms offer a level of organization that others can’t, whether that be only with the sharing of documents or with communication and an administrator’s ability to control access to this data. For industries with large amounts of documents, a VDR allows for bulk uploads and downloads so that the transferring of this information is quick and efficient.

Complex permission settings take these functions a step further by ensuring that whatever is uploaded remains under lock and key, while whatever has been downloaded can be safely managed via features such as watermarking, revoking access after a period of time, or disabling print and download altogether. The ideal VDR will make a client feel confident sharing their data by perfecting these levels of security and ensuring that they are always complaint with HIPAA, SOC 2, GDPR, as well as proving a high level of data encryption. This software should be able to thwart all cyber threats and, in turn, make for a pleasant customer experience.

How to Find the Right One?

Once you’ve figured out what makes a virtual data room valuable for you and your company, finding the right one can be tricky if you aren’t fully aware of your business needs. The best place to start is by comparing and contrasting VDR providers so that all the pros and cons of their services are highlighted for you to make an accurate decision. Taking the time to research all relevant providers and holding them up against each other can help you to recognize what features are more aligned with your company and which you are unwilling to spend the money on if partnering with a certain provider.

Another valid way to finding the right VDR is by looking through a few review sites who specialize in comparing providers for interested clients. They have done all the research for you, offer detailed descriptions of each company, and even provide a chart breakdown of what features work and what are unnecessary for a specific market and price point. Of course, not all review sites are accurate, but the convenience of their information can relieve some of the stress for you while trying to make a decision.

Finally, there’s no better way to know which virtual data rooms work than directly from the people who have used them. Testimonials and personal reviews are a simple, but effective way to uncover the nitty-gritty details of a provider that they may not be sharing on their personal website. Ask around and connect with others in your field; you might unearth a few details unapparent at first glance, but well worth knowing long-term when working with a VDR provider.

 

VDR vs Generic Document Sharing Services

Early on in your search for a virtual data room, you might find yourself asking whether you actually need one and if it’s just simpler to use a generic document sharing service like Google Drive or Dropbox. There’s no denying that the two types of services are similar, but a virtual data room is designed as the superior option when it comes to the security and control of your data. While both are capable of uploading and storing documents, virtual data rooms excel at ensuring that they remain safe at all times and avoiding leaks or access by unwanted third parties. A generic service is a valid option for the simple sharing of family photos or small-scale projects, but a VDR is necessary for professional industries and their clients.



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