If you are in search for a virtual data room, then there’s a good chance you’re finding it difficult to select from the wide range of options available. All of them appear to do the same thing, but there costlier options than others. Some also look flash while others come with features you may have not heard of before.
So where should you begin your search? This resource from Mergers Technology contains a list of the top 7 things to look for when finding the best virtual data room.
When it comes to your data room, security should be your top priority. You don’t want deals to be compromised by security breaches, causing all parties involved to lose their trust in you. It is best to find a data room provider that is certified for information security. Be sure to check whether it has ISO 27001 certification so you can rest assured that your data will be kept secure. Also make it a point that the provider only uses certified data centers. SSAE 16 Type II certification guarantees that you won’t be dealing with any compromises when it comes to your data.
2. Round the clock access
One of the biggest advantages to using a virtual data room instead of a physical data room is that it allows you to access data even outside business hours. This results to faster and more convenient deals. There are data rooms that may come with restrictions in terms of access times, so be sure to find a provider that offers round the clock and unlimited access for all involved parties.
3. Support and project management
It’s inevitable for you to have issues or questions regarding your virtual data room, which is why you need a provider that can always provide the necessary help. A data room provider that comes with 24-hour help desk support can help you take care of issues as quickly as possible. You may also choose to avail of dedicated project management support from some data room providers. This means you can speak to your dedicated project manager any time you need his support. You can even benefit from having your data room set up with their assistance.
4. Ease of use
You can’t afford to invest precious time into training a person to handle a sophisticated data room. For this reason, it is recommended to find a data room platform that’s specifically designed for ease of use. It must be able to provide an optimized user experience, one that is intuitive enough so as not to require training in order to master the different functionalities. The easier it is to use the platform, the smoother the deals will run.
5. Quick set up with bulk upload
Setting up your data room may call for a significant time investment, especially when you use the incorrect platform. Things get worse when you have large and complex deals. A virtual data room that enables you to upload zip files in bulk can speed up the setup process, making the transfer of documents extremely quick. There are also platforms that come with other ways of uploading files, such as dragging and dropping or emailing the documents straight to the data room.
Remember that multiple parties will access your virtual data room using different devices. For this reason, it is an absolute must to choose a data room platform that’s compatible with different devices and operating systems. Ideally, you should go for a platform that works with all major operating systems and can be accessed on tablets and smartphones. A platform that doesn’t require any plug-ins can also come in handy. In most cases, web-based platforms are the best in terms of compatibility.
Virtual data room can vary immensely in terms of price. This is largely influenced by the vendor and the deal you have. Some providers price their data rooms by data usage, while others require a fixed amount. There are also subscription-based platforms. Take a look at your unique needs and decide which one suits you best. In general, working with a one-off deal calls for a virtual data room prices by data usage. If you see yourself running multiple large deals in the coming months, then it’s usually a good choice to select a virtual data room with a subscription payment model.