A virtual data room can significantly speed up and improve any business transaction. With the current abundant selections in the VDR market, it’s only a matter of time before you stumble upon a data room that works for you. Unfortunately, sometimes comparing too many options can quickly get confusing. Therefore, we created a list with six easy steps for choosing the best data room software to best suit your needs.
Challenges of choosing a virtual data room
The moment you set on the idea to find a digital data room, an ocean of possibilities will open up. This means you need to come up with an effective strategy to navigate new territory successfully.
At first, it may be very challenging as most providers vary in expertise, features, and reputation. It can also be difficult to tell the difference between legitimate and fake virtual data room reviews.
However, as you continue to compare virtual data rooms, you will form a set of criteria to differentiate providers. Combine them with the tips below, and finding the right data room will get much simpler.
What happens if you choose the wrong data room?
What if you don’t have the time to consider every available data room provider carefully? There are several risks:
- Many providers have niche specialties, meaning that your needs could be unmet due to a limited feature set or an unavailable project managing team.
- Data room software has to comply with strict security standards. For example, providers who don’t showcase certificates such as ISO 27001 or SOC 2 might unintentionally compromise or lose your data.
- The more advanced the virtual data room technology is, the better your deal will flow. On the other hand, outdated interfaces and tools can hurt the transaction by presenting you in a bad light.
6 steps to choosing the perfect virtual data room
Now, let’s look at the steps you should take to compare virtual data rooms successfully.
Step 1. Define your expectations and requirements
Take a good look at your project to determine how many people will require access to the data room and how much storage you will need. Based on your company’s size, allocate an appropriate budget beforehand, using quote estimates from several providers.
Step 2. Choose the necessary features
Top-grade security and versatile features make a virtual data room much more effective than any other cloud-based solution. Pay attention to the function in document management and protection, reporting, user management, and user experience.
Step 3. Evaluate the support
Almost every data room provider grants access to a 24/7/365 support team. However, make sure to look beyond the availability and explore the data room company’s response statistics, communication channels, and available languages.
Step 4. Check the device compatibility
In the era of remote deal-making, software mobility is a must. The data room provider you choose should offer solutions for commonly used devices, including tablets and smartphones. Additionally, it would be a great asset for the data room platform to access the internet without extensions or plugins.
Step 5. Read data room reviews
It’s good to explore the virtual data room reviews on the provider’s site, but it isn’t enough. To make sure the data room software you are considering is worth your time, look for reviews on independent platforms.
Step 6. Request a demo
Finally, reach out to the virtual data room providers you shortlisted to request a demo of each platform. Take your time and explore the data room functionality and ask about anything that doesn’t seem clear.
Finding data room software that works for your case might take some time. But as long as you’re familiar with the virtual data room market’s latest advances and know what to look for in a data room, you will make the right choice.
Don’t forget to look for trustworthy sources of virtual data room reviews and visit our homepage to compare virtual data rooms and make the right data room decision sooner.