As businesses make their document management digital and use data rooms has become a crucial tool for due diligence, M&A and other sensitive transactions. The appropriate VDR can make a difference in terms of efficiency and the success. This article will review the best options in terms of pricing security, collaboration, security and customer service.
A top-quality provider of virtual data rooms must provide a variety of core features that simplify the business operations. These include high-speed uploads that enable an instant transfer of files, customizable Q&A functionality, built-in redaction and DocuSign integration. The most reliable providers provide robust security measures to protect sensitive documents. These include multi-factor authentication as well as session timeouts, location restrictions and granular user access rights. They should also provide a robust infrastructure, such as advanced data encryption, 24 hour data recovery and virus scanning. Some providers also have compliance protocols that are specific to the handling of sensitive data, like ISO 27001 and CCPA.
Although many companies claim to be the best in their industry but each has a distinctive feature that distinguishes it from the rest. Intralinks, Merrill Datasite, and Firmex, for example put a lot of emphasis on security. The decision ultimately comes down to the needs of the business and its priorities.
Cost and user-friendliness are also important considerations when choosing a virtual dataroom. Many providers offer additional services which can be integrated with virtual data rooms in order to cut costs. These include education, consulting, and other support functions. The best virtual data rooms should also be simple to use, with simple features that are seamless in their workflow and user-friendly features.
