A virtual data room is an essential tool in a variety of commercial operations, from M&A deals and venture capital transactions to fundraising and compliance with regulatory bodies. The best VDR will transform these processes, making them simpler to perform, faster, and more efficient. But, choosing the best data room for your particular needs can be a difficult task.
Take a look at the features offered by a provider and make sure that they are suitable for your needs. For instance due diligence is one of the most commonly used uses for VDRs. VDR and you’ll need to find a solution that is quick and easy to set up using an optimized workflow. Find a platform that displays an NDA or Terms of Access prior to allowing access to the files. It should also provide indexing of files that will help you find the right version of the document without having to search through the entire folder hierarchy.
Think about the security of a provider’s data centers and their own. Choose a service whose data centers are certified to be in compliance with specific standards such as SOC1/SSAE 16, the ISAE 3402 standard, FISMA DIACAP and FedRAMP. Find a platform that supports industry-standard file types, distinctive watermarking and an electronic lock to track the documents that are viewed.
Some traditional providers use the per-document or per-page pricing model which can be costly if you have a large amount of documents to share. You should choose an online data room that has flat-rate pricing, or at the very least one that is transparent about their pricing model.