With a myriad of virtual data room providers to choose from, the process of finding a suitable solution can be overwhelming. Although most providers offer the same set of features, the differences between them are usually difficult to recognize. To help you select the right solution for your requirements in this article, we will look at some of the key aspects to be considered during the comparison process.
The first step in the virtual data room evaluation process is to determine the type of service you need. If you are looking to perform a due diligence on a company it is recommended you opt for a virtual data room with specific M&A features like secure storage, in-platform views, and advanced search capabilities. A VDR designed for M&A transactions will also come with strong document management capabilities that can handle large file sizes and different types of files.
Another popular use for virtual data rooms is in the life sciences and healthcare industry. These companies handle escalating amounts of confidential information that need to be secured and consolidated to navigate complicated procedures such as licensing. A VDR that is specifically designed for these industries may offer features like remote data control as well as private folders and access based on roles that will shield sensitive information from competitors while enabling efficient collaboration.
It is crucial to compare pricing models between vendors when doing a dataroom comparison. Some offer flat-rate pricing, while others charge per page or in accordance with other variables. It is important to examine the details of each pricing method to avoid being overcharged or surprised while preparing a project. It is also essential to make sure that the virtual data rooms you select offer a free trial as well as support for all aspects. This will allow your team to feel comfortable with the platform, and not be locked into a contract if they don’t like it.