What I wish I would have known before I chose a data room provider

Virtual data rooms (VDRs) are currently the most vital technology used during due diligence or mergers and acquisitions. This technology provides business people with a secure way to share and store critical documents. The file organization provided by virtual data rooms allows business operations to move quickly and prevents data breaches from happening. Several factors go into choosing a virtual data room, and the process can overwhelm you if you do not have the correct information. Here is everything you need to know before selecting the right virtual data room provider.

1. User Interface. Most virtual data room features come standard across providers. As such, it is essential to think about which VDR provider offers the most intuitive user interface and the most specific security settings. Ensure your VDR has all the features you need to run your business smoothly. The features should also work in a way that makes sense to you. Customer support is also another thing to consider. Choose a provider that will take time to show you how their system works.
2. Security. While security seems like an obvious thing that all VDR providers should offer, it is worth checking. After all, all your documents are susceptible, and you must safeguard the integrity of your business. As such, you cannot risk putting them on the wrong platform. Some basic security features to consider include data encryption, SAS certification, watermarking, and two-factor authentication. Confirm that your provider has the specific security features that will work for you.
3. Easy-to-use. A complicated software will impact efficiency and may cause delays. As the VDR technology grows, so does the usability and overall ease of use. Look for easy-to-use features such as drag-and-drop tools and bulk uploads capabilities. Moreover, consider the ease of the implementation process. Consider how long it will take you to set up the VDR and get it up and running. The best thing is that you can use the trial period to help you make a decision.
4. Pricing. Price is a strong determinant of whether you will choose a particular VDR provider. As such, choose a provider who has a pricing structure that makes sense to you. Be aware of additional charges such as advanced features and extra storage. Besides the monthly pricing, find out the total price and decide whether you can afford to work with that VDR provider. Additionally, find out if there are any ongoing fees should you keep the data room once the initial contract expires.
5. Support. Does the VDR provider offer any technical support? Can you speak to a customer care representative? Does the provider provide unlimited support at a fee? These are some of the questions that you should ask yourself before choosing a data room provider. Since you want your documents to remain secure, it only makes sense to reach someone quickly should you experience a problem.

If you are looking for a virtual data room, ensure you check out this suggestion of data room providers to help you narrow down your search.

Photo by Felipe Cardoso from Pexels