Although they are extremely useful, not all virtual data rooms are created equal. Some virtual data rooms were created to cater to specific types of transactions or industries, like M&A due diligence, while others offer a range of tools to assist companies collaborate on a variety projects. Consider what you want to accomplish with the virtual data room, the standards of your industry, and the kind of data you will be sharing.

While looking through VDR providers, look for an intuitive interface and how easy it is to use on any device. If you’re considering using it with team members who are not tech-savvy, ensure that the vendor offers features like drag-and drop uploads and automatic indexing to accelerate the process of filling the VDR. Check if the vendor provides 24/7 customer service and provides support in multiple languages.

Another thing to consider when looking at virtual data rooms is whether their security features match your expectations. Choose a provider that offers multiple layers of security to protect your documents, such as SmartLock which allows you to block access to documents after downloading, integrated redaction, and DocuSign integration.

When you look through providers look for a pricing plan that meets your requirements. Some offer flat fees for administrators and quests, while others charge based on the size of storage and include overage charges. Also, select a vendor that offers demos or trials for free, to test the platform and determine whether it’s the right one for your project.

virtual data rooms