Virtual data rooms are an essential tool for many business operations. From M&A transactions and venture capital transactions to regulatory compliance and fundraising, the virtual data room could be a useful tool. The right VDR will transform these processes, making them faster and easier to use. It also makes them more efficient for all parties involved. But, choosing the best data room that meets your specific requirements can be a challenging task.
First, look at the features offered by a service to ensure that they are compatible with your requirements. For example due diligence is one of the most common uses for VDRs. VDR, so you’ll want to choose a platform that is quick and easy to set up using an optimized workflow. Choose a platform that shows an NDA or Terms of Access prior to allowing access to the files. It should also include indexing of files that will help you locate the right version of the document without having to look through the entire hierarchy of folders.
Think about the security of the data centers that a provider has and their own. Choose a provider with data centers certified to meet certain standards, such as SOC 1/SSAE 16/ISAE 3402 FISMA, DIACAP, and FedRAMP. Additionally, look for a platform that can support industry-standard file formats, and comes with unique watermarking features and an electronic leash feature to track which documents are being viewed.
A few traditional providers utilize a per-document or per-page pricing model, which can be expensive in the event that you have a large number of documents to share. You should choose a data room with flat-rate pricing, or at least one that is transparent about their pricing model.
