In the last few years, Virtual data rooms are increasingly gaining popularity, mainly based on their superiority and simplicity over standard physical data rooms. These data rooms (virtual) provide a characteristic forum on which documents and information can be successfully managed and shared by vendors.
In recent years, the market has been packed with online providers (virtual data rooms), which has subsequently complicated the process of identifying the best available virtual data room to suit your organizational needs. The providers of Virtual data room software vary in their exclusive approaches concerning access control, security, support and compatibility, among others.
As such, identifying the best way to compare and contrast these provide is fundamental in finding what best fits your needs.
Virtual Data Room Comparison
Most data room (virtual) providers will offer similar services which meet all needs of firms seeking to employ them in facilitating proper mergers and acquisition processes, loan syndications, and venture and private capital transactions.
The main objective of any online data room is to offer a platform for effective sharing of information while also offering stringent controls concerning how this information can be shared and or accessed. When comparing data rooms, it is essential you first ascertain that the provider is offering standard services that effectively meet your transactional needs.
While at it, it is essential that you examine these common areas as covered by typical virtual data room providers (VDR) and assess the extent to which they suit your requirements.
- Document Management.
- Document security.
- Ease of use.
- Access security.
- User management.
- Reports.
- Q&A.
- Speed and Availability.
- Customization.
- Compliance.
Finding The Best Virtual Data Room ProviderATA ROOM PROVIDER
Unlike in the past, when Virtual Data Rooms were only accessible to a select few businesses, the latitude has now changed. As the need to secure and protect data continues to grow more evident, and new informational security threats continue to emerge, these services are now more accessible to numerous businesses.
In finding the best VDR provider, herein are some key factors you need to consider:
Security
Security is indeed the moral fiber of any particular data room, and as such, it should be among the first considerations you take when looking for an appropriate virtual data room provider. You can start by ascertaining whether this software complies with every security regulation since this is usually a mandatory legal obligation.
Moreover, you can examine where and how they safeguard data. You can check for offline and online protection, data encryption, and several other methods they utilize to prevent data replication by those who have access.
User Interface
This is a significant concern since it allows purchasers to individually assess and have a real-time feel of the simplicity and usability of the particular software prior to purchasing.
Pricing
The amount of money you spend is an essential factor that ought to make the list of considerations. Moreover, ensure you also check for provisions such as free or paid trials, which allow you to verify the software prior to committing to their exclusive contract (12 or 18-month contract).
Top 3 Best Virtual Data Room Providers
1. FIRMEX
Firmex stands out as a Virtual Data Room provider by providing the usability and security of significant players besides the cost-saving and innovation of a disruptive, newer start-up. Firmex is also famous for its exclusive customer service tailored to meet customer needs effectively.
It comprises a typical cloud-based platform that serves a diverse assortment of protected document-sharing requirements, making it a favorite with diverse industries such as investment banking and such. Finally, it goes out of its way to serve its clients by establishing functionalities that surpass the expectations of a typical customary data room provider, such as “View As” – a feature that allows administrators to view their characteristic data room just like an individual user as is with Facebook.
2. iDeals Virtual Data Room
Being among the pioneers, this is a somewhat functional but compelling solution for data sharing which finds use in over 4000 firms across the globe. It has been popular with Fortune 1000 firms since 2008 for its characteristic provisions and features that include: an incessant innovative approach, properly-structured functionality, powerful and unique cloud infrastructure and fantastic customization.
Finally, it also provides full document access traceability as available to typical administrators, not to mention advanced functions like fence view provisions and MS Office integration.
3. Intralinks VIA
Cited as the initiate VDR provider for large firms, this firm provides advanced collaboration solutions and secure content management. Established back in 1996, it has forged its way up to the top. It provides numerous data protection layers to guarantee virtual data security, not to mention premium quality deal space resolutions and online data rooms suitable for effective distribution of data both outside and inside of the characteristic corporate firewall.
Who Uses Virtual Data Rooms?
Virtual Data Rooms play a significant role for anyone that seeks to ensure their data is appropriately and effectively safeguarded. Nonetheless, there are particular industries that have more use for securing their document sharing compared to others. Such firms may include law firms, banks, and others who may want to not only ascertain the informational safety but also want to eliminate all risks of misuse and leakage.
Mergers and Acquisitions
Virtual data rooms employed for acquisitions and mergers (M&A) have, over time, become so identified with this industry that words such as deal room’ and M&A data room’ have become exchangeable. VDRs have not only secured but optimized all steps of the entire M&A process but also simultaneously reduced the significant expenses linked to the deals.
The capacity of typical M&A data rooms in ensuring access to proper documents by the precise individuals in an intuitive and usable way has vastly sparked its prominence in this industry, making it a MUST-HAVE for every significant law firm and bank.
Corporate document sharing
Virtual data rooms (VDR) are now are also now a significant component for large firms seeking to enhance efficacy within their operations and also embrace the revolutionary digital transformations. VDRs provide a centralized and, subsequently, highly secure forum where employees in large firms can effectively share information and collaborate.
VDRs reduce data breaches and lost document risks and also ease work sharing between departments. In comparison to designing tailored extranet for a firm to improve efficiency, VDRs offer a simplified version that requires no full-time staff to run it or even outsourcing to other firms to manage it. Their security capacity also trumps over that of customary email servers.
Legal firms
Similar to typical big firms, numerous law firms also deal with exceedingly sensitive sharing of documents which is usually subject to strict regulations and laws. Establishing a firm-specific extranet in order to ensure the security of document sharing is not only expensive but also needs constant maintenance; nonetheless, data rooms offer a more straightforward way out, which is why they are gradually growing in popularity.
Wrap-up
Ultimately, virtual data room, whether used as a specific objective tool or in concurrence with characteristic data room (physical), is not only a reliable way to assist a firm to expand its capacity to share subsequently sensitive information and data in a secure platform, but is also an excellent way to cut down associated operational costs.
With the tips listed above and the list of the three best options available, you should successfully be in a position to find the correct provider who will offer your firm reliable and quality services.