An overview of virtual data room software. Basic VDR features. The key aspect to pay attention to when choosing a VDR solution.
Secure Online Virtual Data Room
Online data rooms are digital tools that are widely used for the successful organization of work and interaction in many corporations where the issue of security and privacy is at the forefront.
First of all, this applies to organizations that are engaged in mergers and acquisitions, as well as corporate finance.
With the help of these tools, investment bankers and other professionals can store, exchange, organize and study large amounts of information they receive and share.
Currently, companies are increasingly moving away from conventional cloud storage services in favor of advanced technologies that allow companies to make the process simpler, more collaborative, and more efficient.
So what is a virtual data room? VDR is a secure environment that acts as a repository for corporate information.
Through online data rooms, users can share business information with stakeholders, investors, company management, and so on via the Internet in a controlled environment.
With the help of virtual datarooms, you can avoid additional costs for paper and accessories, stationery, and courier services. The saved money can be spent on more urgent tasks of the company's development.
Scroll below to learn more about the main features of the VDR room and how to choose the right tool exactly for your business.
Main Features of VDR Solutions
Below, you can read a brief list of main features, which are common for most online data room software solutions.
- document management;
- files and transaction security;
- mobile compatibility;
- ease of use;
- access security;
- user management;
- report feature;
- Q&A option;
- speed and availability.
Keep in mind that virtual data room providers may offer additional features. Some of them are come by default, and others are for a fee.
How to Choose a VDR Provider
Below, you can find out about ket tips for effectively choosing the VDR provider. They are universal so you can use them regardless of the type of project you are running.
Determine Your Needs and Abilities
First of all, understand the main goals and objectives of your project, what communication channels you are going to use, what file types will prevail, and so on. In other words, you need to understand what the data room will be used for and how this tool can improve your strategy.
You also need to understand how easy the tool is to use and how quickly all team members can master it. It is worth paying attention to resources that have an intuitive interface and are not overloaded with control buttons, settings, etc.
Define Your Desired Features
At this stage, you need to write down a set of criteria for your optimal VDR. This includes the minimum set of features that you will need to work effectively. Please note that some VDR resources are just a secure environment for storing files, while others are full-fledged solutions for analytics, control, and project management.
Consider Your Budget
Different dataroom providers offer different prices for their services. Therefore, it is important to understand how much you are willing to pay to purchase a service package and how long you plan to use a VDR. Based on the pricing policy, you can significantly narrow your search.
It is important to have access to a source of information with independent reviews about the functionality and pricing of a particular resource. Please be aware that some reviews may not be true. So the more information you gather, the better.
Activate the Trial Version
After you have decided on an option (or several options), order a free trial version of the product and test its capabilities.
Test the support service, as you may face questions regarding the technical side at some point. Check the available communication channels, the time, and the speed of the support team's response to your questions.
Widely used VDR Providers
In this section, you can find out more about widely used virtual data room providers. Scroll down to learn more.
iDeals is a provider of online data room that offers a relatively uncomplicated yet robust data room solution, It allows you to store and share documents using over 25 different file formats.
With the help of strong security protocols, iDeals ensures 100% confidentiality of data and protection against corporate information.
Also, the resource has the special Fence View feature, which provides data protection from hackers. Thanks to two-factor authentication, only the intended user can access the files.
In general, the product complies with international certificates and SOC2 requirements and is regularly audited by independent expert commissions for information security.
Merrill is a provider that is popular with large enterprises and financial institutions that deal with large transactions.
By purchasing a package of services from Merrill, you get not just a VDR platform but also 24/7 consultations, content management, and financial services.
The main task of the service is to ensure stable and effective interaction (both internal and external), the formation of teamwork.
The provider complies with all necessary industry standards and provides users with the ability to securely exchange information, store files of various formats and sizes, integrate with software, a simple and intuitive interface, a wide range of communication tools, etc.
This tool was originally created for project management, as well as mergers and acquisitions. Currently, it is the only Agile M&A electronic data room that provides the ability to reduce the amount of work, monitor the progress of the transaction, and analyze the results. All processes take place in a secure environment which DealRoom’s admins manage centrally. The paltform uses advanced features to make your work easier, such as due diligence queries, advanced search, file browsing, and more.