How to Comparison Shop for a Virtual Data Room
In the current digital era, it’s vital that businesses can operate both efficiently and securely online. It’s not enough to utilize the newest apps and software systems in your work, you need to be able to trust that the content you’re uploading, sharing and sending people is safe. When sharing your companies most sensitive information and financial data, using an unsecure process to store and share documents could have major repercussions for your business.
The right virtual data room allows you to get started in minutes and has the right set of features and security controls to protect your most sensitive information.
Explore the importance of virtual data rooms, the benefits they offer, and how to comparison shop for the best option.
What is a Virtual Data Room?
A virtual data room is an online storage system that allows someone to store and manage various types of documents. Virtual data rooms, often called a VDR, allow businesses to send proprietary information to clients, receive documents from a variety of sources and collaborate with users.
VDR’s also enable users to set various permissions on activity that occurs with documents within the system, so people have access only to the files that they need and have limited visibility to activity within the virtual data room. Businesses often use virtual data rooms to safely send sensitive client information such as contracts, deal negotiations, and bidding information. Therefore, it’s imperative that VDRs allow administrators to set robust user permissions, specific controls on files and folders and easily audit user activity.
A virtual data room is often available for a monthly or annual fee. The cost of the system may depend on the number of users, the number of data rooms needed, and the amount of storage space.
Additionally, factors such as custom branding, document watermarking, and document types supported may affect the cost of a VDR.
The Benefits of a Virtual Data Room
There are many benefits to having a virtual data room for your deal or transaction.
From a more efficient way to operate key business functions to enhanced document security, a VDR is a smart investment. Explore some of the most important ways a VDR can enhance the way you communicate with clients.
Better Document Security
When your company needs to quickly negotiate a deal, there is no better way to do so than by using a virtual data room. Created to securely transfer information from one source to another, a VDR can eliminate any concerns about who may accidentally be granted access to that Google Doc you just shared. The last thing you want to affect your next transaction is a security breach or accidental data leak.
A virtual data room allows you to protect against copying and pasting, file sharing or editing of any content.
Additionally, VDRs can prevent users from printing files, too. A virtual data room also enables the Administrator to immediately revoke access if a user or buyer withdraws from a deal or is no longer interested. In this scenario, their login is revoked and access to all documents is taken away immediately, unlike other document sharing and sync apps.
Confidently Share Information with Various Users
Sharing different sets (and sometimes subsets) of data with a variety of users can be challenging.
VDRs allows you to easily set granular permissions across a large set of folders and documents Whether you’re trying to negotiate a round of funding or sharing information for an M&A transaction, a VDR gives you the confidence you need to share information with user quickly and with the least amount of permissions required.
Streamlining Business Communications
If you’re looking to get a complex or sensitive client deal done quickly, a virtual data room can help.
Most VDRs allow users to preview more than 20+ types of file types within their system. This means your team, business partners, clients and prospective clients can seamlessly get access to the information they need. A virtual data room can also integrate with some of your favorite apps, making business communications really easy.
Now that you’re aware of some of the biggest benefits of VDRs, consider which features could benefit your company and your clients most.
Important Features of Virtual Data Rooms to Consider
When you think about how your team most often shares information, what comes to mind? Which business apps are vital to how your organization communicates with each other and clients? What security requirements are a make or break in terms of sharing files and content with people outside your team?
When comparison shopping for virtual data rooms, here are a few things to look for.
1. A Variety of Permission Options
If your team frequently communicates with various business partners and clients, it’s imperative you have a virtual data room that offers several permissions levels to users.
Additionally, you should be able to easily change or revoke those permissions as you see necessary. As your team changes and your client relationships evolve, making sure the right people have access to the right information is key.
2. Advanced Collaboration Features
Most businesses rely on a variety of apps, software programs and digital systems throughout their workday. Whether that’s a contract generating app or a financially based system, your VDR needs to be able to work seamlessly with the software you rely on.
Be sure to thoroughly research the integrations your VDR collaborates with.
3. White Label Friendly
Be sure you’re able to organize your VDR exactly how you prefer to. It’s vital that your system can be customized to your team’s preferences and can seamlessly reflect your company’s professionalism.
Whether this means uploading your logo to your system and changing your VDR settings so it reflects your brand’s colors and fonts, or more, your virtual data room should have white label options.
4. User-Friendly Organization
Many solutions tout a user-friendly interface but the best way to understand if the virtual data room you are looking into is a fit for your team’s workflow is to take advantage of a free trial.
Previewing content types, integrating with a variety of apps and creating folders and spaces you need are all essential to a well-organized VDR. When you’re dealing with sensitive business deals and new clients, the last thing you want to think about is wishing you could have a more organized system (or an easier way to organize your system) to send such important information.
Opt for a VDR that not lets you be hyper-organized so you can get back to focusing on your work.
5. Superior Enterprise Level Capabilities
Choose a system that will grow when your business grows.
The best virtual data room will give you options for additional storage space as you need it. Don’t limit how you’re able to communicate with your team and clients by choosing a limited virtual data room.
Compare and Shop for a Better Virtual Data Room Today
Regardless of your industry, the number of team members at your company or the number of clients you currently serve, a virtual data room can help you communicate more effectively today. Take the worry out of sending sensitive information and managing various content types by entrusting your important work to a VDR.
Now that you know what you should be looking for in a VDR, explore whether Onehub is the right virtual data room for you and your team.