Virtual data rooms make it easier to manage due diligence and M&A processes making them essential for companies in almost all sectors. The best VDR providers offer a variety of features that are suited to specific businesses and projects. Some of these features might be common to all online repositories while others may be more advanced and cost more. In this article, we examine a selection of the most well-respected repositories and evaluate their capabilities.
The first step in selecting a virtual data storage space is to identify the needs of your business. Check if the platform has additional security features, like fence view or remote wipe. Also, consider the number of users as some companies restrict users’ access to specific folders or documents. This could be a problem for transactions that are large.
Also, make sure to check if the provider has support available 24 hours a day. Some of the top vendors have live customer service agents who are able to assist you with any issues that might arise. Also, you can read reviews on independent websites (G2 Crowd and Capterra are excellent examples) and then contact the vendor to see whether they have a no-cost trial or demo period.
Finally, look at pricing models. Some providers offer plans that are determined by the amount of documents you are able to store that is perfect for businesses that upload only documents in a small amount. Some providers offer pricing plans which is based on number of users that is suitable for small companies and a projects that are only short-term. Also, think about whether the server hosting provider is close to your location, as this can improve performance and data processing speed.