A virtual data room opens up many opportunities for businesses – to securely exchange files, hold meetings, organize serious transactions, monitor the work of different departments through one software, and so on.
There are so many virtual data rooms that it can be hard to choose. The tips in this article will help you navigate the range of such services and choose the one that suits you best.
How to choose a virtual data room?
The first step is to answer a simple question: “Is your company a small, medium, or large business?”. Software for businesses of different sizes may differ: in price, functionality, expansion options, etc.
Then, of course, you should pay attention to several parameters:
- Degree of protection of the virtual data room. Most modern providers develop rooms with maximum information security. This includes double (or more) authentication, vital encryption keys, servers scattered worldwide, and so on.
- Ease of operation. You should already see that the software is quite simple at the selection stage. This is important for the employees of your company who will use these programs. Virtual data rooms for small businesses can be mastered in a few hours. In large corporations, it takes months to master all the functionality.
- The scope of functions. It is worth choosing the functionality based on the needs of your company. In most cases, virtual data rooms provide the ability to store documents, work with them right inside the room, send documents via a secure channel, hold meetings, keep minutes and votes, organize large transactions, and so on. In programs for large enterprises, it is possible to choose which functions will be needed or order additional ones.
- The reputation of the service provider. Many manufacturers of virtual data rooms on the market have proven themselves well over several decades. However, there are also young projects that definitely deserve trust. Read reviews, watch reviews.
- Free version. Using the program before buying it is a brilliant opportunity to make a choice. Therefore, if the program has a demo version, take it first. If you don’t like it, you can choose another option.
And, of course, the price. It should be such that the cost of a virtual data room is commensurate with your business’s income. You can choose a data room for several tens of dollars per month.
Examples of virtual data rooms
Below will be listed several providers that have long established themselves in the market for such services.
- DealRoom. Suitable software for medium and large businesses.
- FirmRoom. The room starts at $500 monthly and is excellent for M&A transactions.
- Intralinks. The company offers customers flexible settings – you can choose the functionality you need.
- Sharefile. A handy tool for both small and medium-sized businesses.
- Box. An uncomplicated and relatively cheap tool for small and medium enterprises that provides essential data room functionality.
You can also pay attention to CapLinked, iDeals, Fordata, Merrill.