Keeping and exchange of the sensitive data in a virtual space seem to be an irrevocable necessity of the present-day deal-making sphere. A few providers offer deal-makers secure virtual spaces which are supposed to enhance the whole course of the deal accomplishment - so-called virtual data rooms. Their main duty is to ensure safety to virtual versions of documents. A virtual room might be exploited not merely as a storage for secret files but also as venue where numerous stakeholders have a possibility to exchange and have a conversation about data, transactions, and deals. Thus, virtual data room canceled the need to finish the whole deal merely during personal meetings. As long as virtual rooms are becoming more and more demanded, plenty of vendors provide their programs on the VDR market. However, not all the platforms that exist are reliable and decent enough to entrust them confidential corporate information. To select a trustworthy virtual repository, the businessman is expected to take into account certain features.
1. Reputation and experience inherent to the virtual platform
Find out everything you can about the reputation of the provider. Mostly, the reputation can be rated on the basis of the opinions mentioned in media. Both - the opinions of regular users and the analysis by experts - are helpful when it comes to choosing a data room provider. Also, it seems to be useful to check the peculiarities of the transactions which were completed with the assistance of the data room and, perhaps, even to talk to the employees from an organization that has already used software developed by the vendor. Moreover, the reputable vendor will be able to provide customized functions to a VDR user.
2. The functions the VDR can offer you
In a case of searching out a virtual data room, a certain set of necessary features must be checked. Therefore, a decent virtual room concentrates on information and access security. The virtual room is supposed to possess all the demanded certificates (SSAE 16 and ISO 27001), ensure strong data encryption, firewalls, two-step user authentication process, watermarks, etc. In addition, the virtual data room owner must be provided with all the rights to manage access to the data room in general and to selected files, folders. Audit reports generated regularly help to keep an eye on the activity in the repository. Despite being safe, the virtual repository should be easy to use. That is why, simple interface which simplifies navigation in the room is perceived to be crucial. Different upload and search instruments also facilitate and speed up the project execution via the virtual data room. The mentioned instruments do not form an exhaustive list of the tools which the room visitor must look for in the room: the needs will depend on the client's needs.
3. Required expenditures
As there are a wide range of provides on VDR market, the potential clients have a chance to search out virtual rooms that differ in price: the cost of use varies considerable on the provider, on the expected time needed for fulfillment of the deal, on the unique features required, etc. That is why, the client is expected to be critical and to decide how much he wish to pay for the repository.
4. The advantages you and your business partners will have a chance to experience
A virtual repository is supposed to be not only affordable and convenient for the owner but also fulfill the expectations of the owner's present or potential partners. From time to time it is a good idea to pay for the more functional platform if it has numerous services advantageous for the stakeholders.
5. Relevant set of functions
Before selecting a repository, meticulous evaluation of the demands and expectations must be performed: no one wants to pay for an overpriced software which offers a bunch of valueless services. The businessman is expected to make sure he plans to pay for the set of tools he really wants and expects - not for popular and catchy functions which have nothing connected with information security and storage.
Keeping these simple recommendations in mind, the potential data room user will have fewer doubts when choosing a virtual repository. Although this process can take a considerable amount of time, it is advisable to waste a bit more time and to try demo versions of different data rooms than to pay for the very first virtual data room that was available at reasonable price. You should remember that you are buying for your security and convenience and the VDRs should not be the ones to save money on.
