How to Choose a VDR
Step 1: Create an outline of the criteria you want to fulfill for your ideal vdr.
Determine your key goals and requirements when working with data, and then choose a data room software that will meet the requirements. If you’re looking for the virtual data room to facilitate due diligence in M&A for instance, choose one with extensive features like document management, collaboration, and security.
Once you’ve come up with your list of criteria, conduct research on different platforms on review websites like Capterra or G2. Check out user reviews of similar industries and with similar use similar cases that are similar to your own. Also think about the ways that an integration capability of a platform can make your workstreams more efficient.
Check out the cost structure of different providers. Choose a provider that has a flat monthly rate, which will help you with financial planning and help avoid unexpected and overage fees. Make sure to verify that the support team of the provider is available when you need them and their response time and whether or not they offer phone, email, and live chat support.
Once you’ve narrowed the list down, you can test them with a free trial. Pay attention to the ease of use of the software, its interface, and the ease of use. Also, test for things like redaction, e-mail uploads and buyer management tools. The last thing to do is ensure that the vendor adheres to world-class certifications and has a wide range of security measures. This includes multi-factor verification, secure backup, storage, and multiple data centres located in different locations.