As 2018 proves a steady incline for online-based business and communities, so does it for virtual data rooms and their effects on document sharing and management. Beginning any sort of process that would involve a VDR might seem tedious, but when the right provider and services for your needs are sought after it can make arduous transactions that much simpler.
Whether it be during the long M&A process or a more short-term transaction involving document exchange, an effective Virtual Data Room will have its users less preoccupied with the technical aspects and focusing more on the direction they are taking their business. If you are in the market for a virtual data room that will fulfill your requirements, below are a few features to keep in mind during the search for the right one.
The initial reaction many clients may have when embarking on a project involving a VDR is urgency – how long it will take to be up and running and how fast they will be able to build their unique folder structure and upload their documents. You know you’re on the right track when a provider, ensures set up within hours and not days and effective customer service support that will help you throughout the process. A bonus is the ability to upload folder templates directly from excel to avoid wasting time building them from scratch.
This is perfect for time-sensitive projects in illustrating a client’s efficiency to whoever their dealing with as well as alleviating the burden of technical responsibility from themselves and onto a capable provider. Like a living organism, there should be easy and effective communication between all parties.
A useful feature that a potential client should pay attention to is the ability to upload documents remotely from their email. An online platform is incredibly useful for tech-savvy users, however, for those less technologically inclined or consistently on the go an email-in feature, as discussed here (link), allows them to contribute to the document exchange without the detailed processes within the VDR.
Parallel to this, document security is another element of a successful virtual data room that a client should inquire about when selecting a provider. A few good questions to ask are: does the provider have favourable security compliances, such as HIPAA? Are there customizable document permissions for other users? Is there the option to place watermarks on sensitive documents to prevent leaking?
Doing a thorough investigation before moving forward with a VDR can be the deciding factor as to whether you have the peace of mind knowing your confidential information is safe for the duration of the transaction.
Finally, your ideal VDR should not be riddled with hidden fees that you didn’t sign up for. Review sites for data rooms (link) are a great way to learn which providers ensure transparent pricing for their clients. Take the time to look into how many users and how many projects a company allows in comparison to the price they charge. You want to be sure you’re making the most feasible decision for you and your business and avoiding high costs for low results. Take control of the security of your documents and who you eventually decide to partner with.