The Virtual Data Room (VDR) market is overflowing with options and opportunities. To the point where it becomes really tricky for the already busy deal handlers to make the right decision. Our mission is to continuously analyze virtual data room reviews across independent online platforms to deliver the most relevant information on modern VDR providers.
In every data room review, we consider:
- Specific feature descriptions
- User experience details
- Industries and job titles of the reviewers
On top of summarizing the data room reviews, we keep track of every provider’s updates and the general tendencies and innovations of the VDR market.
Top Data Room providers
Top features of the best data rooms
Regardless of what you will use the virtual data room for, there are several fundamental benefits of using VDR software. They are:
Enhanced data security
Сonfidential document handling is the primary purpose of data room software. That’s why data room providers employ highly sophisticated technologies and protocols to secure users’ files and communications.
You can check the safety measures quality of every provider by looking for certificates and compliances, such as ISO 27001, SOC 2, HIPAA, GDPR, PCI DSS, and more.
- Data room features to look for: 256-bit AES encryption, multiple-factor authentication, layered access rights management, remote document retraction.
Streamlined due diligence
Virtual data rooms revolutionized deal handling by allowing secure remote collaboration. The particularly time-consuming M&A due diligence became a lot more straightforward and convenient for everyone involved.
Some virtual data room providers even chose to specialize in supporting due diligence procedures with tools and templates for comfortable and practical deal navigation.
- Data room features to look for: no plugin access, time and IP restrictions, interactive Q&A, role-based privileges, flexible software customization.
Advanced reporting
The best data rooms offer a complete insight into the way the VDR users interact with the files and each other. Secure virtual data room reports summarize all the details on document access, editing, and other actions.
The best data room providers take it one step further and allow users to adjust the reports by selecting the data bits that matter to their case.
- Data room features to look for: user-level activity tracking, infographic representation, color-coded labeling, overviews by the group.
Straightforward document management
Data room administrators work with immense amounts of documents. Therefore the task for the best virtual data rooms is to make file management as fast and easy as possible.
The best data room software providers typically focus on facilitating bulk uploading and automated file indexing. This way, the intense paperwork handling gets a lot more convenient.
- Data room features to look for: full-text searching, external integrations, drag and drop uploading, versatile format support.
Now, the challenging fact is that the best virtual data room providers typically offer a substantial level of competence in all of the above. So how do you make the right choice?
How to effectively compare virtual data rooms
There is no one-size-fits-all approach to data room comparison. Every VDR user comes with different requirements and goals. However, there are a few questions you can answer to narrow down the search for the most suitable virtual data room software.
1. How will I use the data room?
Defining your purpose is crucial to a successful virtual data room comparison. Some providers serve an array of industries and projects, while others focus on niche categories. Your main task is to find the VDR company that can offer value to your specific case.
2. What is my budget?
Every VDR provider has its own approach to data room pricing. In order to make the right choice, you need to become familiar with different cost-formation models and allocate a budget accordingly.
3. How many people will require access to the data room?
Even if your company has thousands of employees, it doesn’t mean they all will need to use the data room services. Start by counting how many staff members will need administrative access and then estimate the number of people who can operate on guest rights.
4.What amount of data do I need to store?
For technical reasons, online data room providers will typically limit the amount of data you can store in the VDR space. Therefore, it is a good idea to approximate how much storage space you will need and what file types you need the data room to support.
5.Which features can benefit my project?
As you compare virtual data rooms and their feature sets, concentrate on the specific value points for your case. This will include the type of tasks you will perform in the data room, your company’s size, industry, and more.
We summarized the key characteristics of the best virtual data room providers. Continue exploring to find the VDR that meets your expectations and requirements.