The number of virtual data room providers can feel overwhelming, which means finding the right vendor can be hard.
The good thing is there are things you can look for that’ll help you filter through your choices.
The following are some things you should look for in a vendor you’re considering.
Focus on Security with Virtual Data Room
Security is one of the most important features in data rooms.
The reality is sensitive material is going to be shared in these rooms, and there are always folks looking to harvest this data.
If the data is harvested by the wrong people, then the company can suffer along with their customers.
According to the experts at Firmex, you should see security protocols like HIPAA and GDPR.
You should also see powerful document control and residency features that comply with international security protocols.
Vendors should also provide user access restrictions using something like SSO. These are just some things you should see.
If the vendor offers more security measures, then welcome them all because your data is on the line.
Needs to Be Easy to Use
There’s no doubt more business owners are turning to virtual data rooms because of the added security.
But you can’t just focus on security.
You also need to focus on ease of use. Just because a provider is able to offer a secure virtual data room doesn’t mean you want your employees to have hard time accessing the data in these rooms.
An important function of a virtual data room is being able to access the data and share it.
You want a room that makes it easy to do basic things like access data, invite users to see the data, or upload files.
You might also want to see a way to upload files in bulk.
Communication Is Key
Communication is key with virtual data rooms or VDRs for short.
Sometimes, a business has to pull all nighters if they’re working on a big deal, which means nothing can go wrong.
Still, life has a strange way of biting back when you least expected.
And for those moments, you need total support, especially from the vendor that’s controlling your data.
This is the reason employees need to have access to the support they need at all times.
Vendors should provide 24/7 support, just in case something happens during this business deal or at any other time.
If a business is working with a client in a different time zone, the 24/7 support is going to come in handy.
Some vendors provide dedicated project managers so that your company will always be able to contact folks they’ve been working with.
Communication goes beyond just addressing emergencies. Sometimes, it’s about making sure you receive alerts about any activity pertaining to your data.
Being able to receive these types of alerts as they happen gives you more control and protects your data as well.
Addressing Pricing Early On
Pricing is not something folks like to think about, but it’s very important.
Business owners must always tighten their wallets as much as possible without sacrificing quality.
What should be pointed out about VDRs is that most of them have different pricing models, and you should try to learn each of these models to see which one will work best for you.
One of the most popular pricing models out there is the one based on the amount of data your company needs to store.
If you’ve got an immense amount of data to store, then this is something to worry about.
There are VDR vendors that pay less attention to the amount of data that needs to be stored but rather to the number of users that will have access to the data.
Smaller companies usually go for this one since they know they don’t have a large team to worry about.
You might also want to figure out if it’s better to work with a vendor you have to pay monthly or if you’d prefer a year-long contract.
This decision depends on whether you intend to work with this company for a long time or not.
It should be pointed out that you still need to read the fine print because there are likely fees and other charges that you should be aware of before signing anything.
You now have everything you need to find the right VDR provider, but remember that you’re the one interviewing them.
Don’t give in until you know for sure that they’ve met all your needs. If they fall short of their promises, then you should just move on.