Every decision you make about your business has a significant impact on it. You should weigh the pros and cons well and fan your decision, especially if it involves implementing a new system into your usual way of working. If you decide to purchase a virtual data room, you should know that not all providers offer you the same terms. If you buy a VDR that does not meet your requirements, it will only work at a loss. This article will learn how to choose the right VDR for your needs.

Determine your needs and abilities

Before you start researching the VDR market, you must first answer a couple of questions and move on. First, you need to know what you are buying the service for, because this way, you can find an option that will exactly meet your requirements. Next, consider all the most minor details, including the company’s general proficiency in modern technology and your budget. This way, you will adequately assess your capabilities so that you will not have additional problems that will only slow down your productivity in the future.

Pay attention to the VDR direction and the proposed Functionality

Depending on your business, you should look for a VDR that indicates services in your industry. In addition, you can even sketch out the required list of features to make it easier for you to navigate. Below, we will highlight the main features of a VDR that should be in a quality offering:

  • Security features

Security is a crucial feature of VDRs, so the provider must provide reliable and up-to-date security methods. Look for a data room that offers data encryption, watermarks, and two-factor authentication; these are basic features that provide strong protection against data leakage. Additional features include time and IP address restrictions and self-destructing documents.

  • Document management capabilities

Automated uploading and indexing features and notes and comments capabilities significantly improve the quality of your work. Intelligent search will allow you to find the document you need by a single keyword, and document version control ensures that only up-to-date information is provided to users.

  • Detailed permissions

Allow complex transactions within a space to be carried out entirely securely. Control the ability to access and interact with the document.

  • Analytics

This feature allows the VDR space to automatically collect the necessary information about user actions and provide it to you in the form of audit logs so that you can improve project management and better monitor security.

  • Simple interface

Simple settings minimize the chances of human error and contribute to a smoother process of adapting the new system to your business.

Compare prices and reviews of VDR vendors

To make the most honest comparison of reviews, you should only use VDR comparison tables from reputable sites. Also, pay attention to studies from the providers’ customers.

Price is also an essential factor that you should take the time to consider. Providers use different pricing models, so you need to clarify this issue and decide which methods will be more beneficial for you. VDR providers offer:

  • Price per document page
  • A gigabyte of storage
  • Per-user
  • How many projects
  • A set rate

So if you work with a lot of paper documents – the first option will serve you at a loss. On the other hand, if you have a lot of media files in storage – the fee per gigabyte will be unprofitable for you, and so on.