Choosing a Virtual Data Room
Virtual data room has become a key tool in M&A transactions, IPO releases, fundraising by startups and due diligence processes. They make document sharing more secure and faster and can help ensure compliance with regulations. It is important to do thorough research and analysis before selecting the right VDR. Software review platforms like Capterra and Trustpilot are a good place to start, however it is also crucial to look through third-party reviews of acquaintances and colleagues.
In addition to a standardized user interface, the most effective virtual data rooms have features that streamline and simplify operations for everyone in the organization. This includes a re-usable interface that can be customized with branding, a single sign-on across all projects, and a file structure that is easy to navigate across all major devices. Find VDRs that come with 8 levels of document rights as well as the ability to grant granular permissions.
When selecting a virtual data room, it’s also important to think about the quality of customer support offered by each service. Find a support team that is accessible 24/7 and provides several contact channels including live chat as well as phone. Make sure they are able to translate support into your local tongue. Additionally, the ideal virtual data rooms have a seamless integration with storage platforms and provide the opportunity to trial their services for free for up to 30 days. This lets you try the software before making a final decision about its suitability for a specific project.