A data room has become an invaluable asset for every business. These platforms have become popular among businesses for major transactions. If you want maximum reliability, you need the best data rooms out there. Here are the main features that this service should include!
Features to consider when choosing a data room
The fact that you can choose from hundreds of virtual data room services is a blessing — and a curse. You should know how to pick the best platforms, consider the following factors.
1. Compliance
A data room should comply with relevant standards. Those certificates guarantee that the service is reliable and meets the required regulations.
The most common standards to comply with include:
- ISO27001. This certificate guarantees that the virtual data room meets international information security standards.
- SOC1 /2. SOC, short for Service Organization Controls, focuses on handling financial and other sensitive details.
- GDPR. General Data Protection Regulation is an agreement valid in the EU and USA. It serves to protect your personal data and ensure its collection and use meet relevant laws.
2. Ease of use
The best data rooms should offer a user-friendly interface. You should feel comfortable using the platform from the get-go or, at least, with minimal time investment. Beginners appreciate clean layouts where they can navigate the menus easily.
You also shouldn’t have to deal with plugins, as that complicates the overall experience. Finally, cross-platform support is imperative for any data room. Mobile apps are the easiest way to access your documents on the go. You can use smartphones, tablets, or any other device and open files from any location.
3. Document protection
Each business has sensitive documents that shouldn’t leak outside of the company. A reliable data room should offer superb file protection to keep your work safe. You can protect documents with two-factor authentication and only allow access to authorized users. This is convenient when sharing your files with third parties since it gives you more control over the documents.
Here are some other protective virtual data room features to consider:
- Remote shred. This is an easy way to remove user access from some documents, even if they have already downloaded them.
- Fence view. You can only make a specific part of the document visible to a particular user. The rest of the file remains hidden.
- Watermarks. This puts your logo over the top of all sensitive documents. It’s an important way of protecting your documents from unwanted use or sharing.
4. User activity tracking
Monitoring user activity is a crucial security factor of the best virtual data rooms. As an administrator, you need to see who accessed your files and when.
Apart from being a security element, this provides important insights for the managers. For example, you can see who opened the documents and how much time each user spent inside the file. That gives you information on employees’ work, and you can easily keep track of document progress.
5. Multilingual service and support 24/7
Customer support should work around the clock to be available to clients and users worldwide. Additionally, agents should be knowledgeable, polite, and ready to help.
It’s especially useful to have a support team that speaks multiple languages. Non-native English speakers will certainly appreciate communicating with staff members in their mother tongue. The best virtual data room ensures exceptional customer support that clients can always rely on.
6. Live chat
What if an unexpected problem occurs in the middle of the night? You might need to finish the document by morning, and you are in a rush. That’s where live chat is a convenient solution that can resolve any issue quickly.
Live chat allows you to contact an agent quickly. Once you initiate the service, and a staff member will be available to help.
7. Customization
A high level of customization options allows you to tailor the platform to your requirements. There’s no point in finding the best data room if it doesn’t suit your preferences. That’s why the best platforms allow you to customize settings to meet, or exceed, your expectations. It should be easy to adjust all details, from choosing when to perform backups to managing access rights.
Final thoughts
We are proud of the long list of features the best data room services should offer. We hope it will make your choice of the right tool so much faster and easier. If you need any extra support though, don’t hesitate to contact us, and we will find the perfect data room solution for your business!