Virtual data rooms (VDRs), which are a secure, efficient method to share documents and conduct due diligence on M&A deals, are becoming increasingly popular. How do you choose the right VDR for your company?
Begin by determining your goals. Then, focus how to choose a virtual data room on the top three VDR providers that meet your needs. Review their websites and read reviews from users. Find a sleek modern interface that provides both efficiency and simplicity.
Check that the VDR is fully connected to your other tech tools once you’ve narrowed your choices. A well-integrated platform will allow users to quickly switch from one application to the next which will speed the process of due diligence and other workflows.
A VDR’s filing system should also be considered. Top-down filing systems make distinct folder structures and subfolders that help users navigate easily through the files. This type of structure is a great choice for larger projects as well as companies that have to organize data by department or by project stage.
Pay attention to the security options that each provider provides. The loss of data could be costly and put thousands, if not millions, of people at risk. While shopping, be sure to eliminate all providers that aren’t ISO 27001 compliant and feature two-factor authentication in order to minimize password theft as in addition to digital watermarking features to stop document replication. The best VDR providers provide multilingual, 24-hour customer service which can assist you in understanding their capabilities and features.