Whether you’re an investment banker offering advice to clients, or a business seeking to share documents outside the firewall, an audit of the virtual data room is vital to complete projects involving sensitive information. However, choosing the most suitable VDR can be a daunting task. Different providers vary in functionality security, performance, storage capacity and even pricing strategies. It is easy to be overwhelmed by the plethora of options.
Understanding your needs is the first step towards making the process simpler. In the end, it comes down to what you’re looking for from your VDR. If you’re unsure about your exact requirements, ask for help from an advisor who can provide a solution that will meet all your business requirements. Software review websites like TrustRadius G2 Crowd and Capterra often provide valuable feedback on particular VDR providers. Be wary of reviews that state “Sponsored.” Many of these review sites sell space to vendors and may not always provide accurate and honest user feedback.
In addition to the standard features, you should also look for an online data room that has the capability of connecting to your existing systems and applications. This will improve workflow efficiency and communication. A VDR that is well-organized and simple user interface is crucial. Find a system that lets you mark folders and files as favorites, and to filter your search to show only those items. Also look for infinite scrolling, which will help speed up the review process and help you save time.