A virtual data room is a unique space for storing and sharing sensitive corporate data, which has gained a lot of popularity over the past few years, and the demand for it continues to grow. Like any popular software, there are many vendors on the VDR market, but how to choose among all the offerings to really suit you? In this article, we’ll tell you how to choose the right data room. 

Why do companies today need virtual data rooms?

During the pandemic, a lot of modern companies had to switch to a remote work format, which is what made VDRs a permanent fixture for thousands of organizations around the world. However, data rooms were also used then quarantined in a wide variety of industries. Below, we’ll discuss the main benefits of VDRs that were the reason why they are so valued, both then and even more so now. 

  • Lack of alternatives-There is, of course, free cloud storage services that are used by millions of users around the world. But, these lack security, and companies certainly cannot rely on them for storing sensitive data. Now, only VDRs can provide all the conditions for smooth and secure document storage and sharing
  • Multifunctionality – data room software impresses with its versatility of use. Startup companies and startups use VDR during fundraisers, more experienced and established companies use it for other financial transactions like mergers and acquisitions
  • High Performance – VDRs greatly simplify the work of your employees and increase the productivity of the company. It helps improve the management of employees, files, and transactions
  • Flexibility and functionality – VDRs remove all boundaries and boundaries and regardless of time zone and distance you can do business with potential clients anytime, anywhere without the need for face to face meetings which also reduces costs and saves time

Tips for choosing a virtual data room for your business

It is very important to choose the right VDR that would be perfect for your company’s operations. You can’t just choose the most popular or the most profitable provider, because that will not bring you the proper effect. You always need to look a little deeper, and below we will tell you what you should pay attention to when choosing a data room

  • Decide on your budget and your needs – Decide on the features you want in your VDR and also focus on the amount of money you are willing to pay for it. Consider proper security, document management, and organization, collaboration, and interface
  • Always use a Data Room Trial – Vendors typically offer a 14 to 30 day trial period, during which time you will be able to accurately determine if the solution meets your expectations
  • Analyze and compare data room vendors – Once you’ve decided on a few options, you need to research the vendor information in more detail, read reviews, consider reviews and ratings, and be sure to contact the vendors to ask more detailed questions and clarify the price. Decide if the price of the product matches its quality (set of features)
  • Talk to customer service – where you can ask questions about the customizability of the interface and unique features. This will also help you understand the quality of the support team. What time is she available to help you? How knowledgeable are they? Do they provide any training materials on how to use the program, etc?