In today’s market, there are several dozen data room vendors. Who should you work with? What to look for when choosing a partner? In this article, we will discuss the main criteria by which it is worth choosing a data room software.
Virtual data room for business productivity
The need to optimize business processes sooner or later confronts every enterprise, even a small one. And in this case, experts agree that it is best to use an integrated approach. At first, glance, automating office work in various industries is a justified decision. In practice, however, combining modules implemented individually is not always possible – synchronizing their work becomes an almost impossible task. Therefore, companies found a better solution – implementing a virtual data room that is a SaaS solution for secure business collaboration.
The data room software helps companies to automate office work, make operations with documents faster, establish control over executive discipline, and reduce the number of routine tasks for the administrative sector. This software helps organize work with electronic documents within a company: creation, storage, search, modification, forwarding, and access by several employees for familiarization, processing, and approval. With just one yet trusted platform, all team members can easily collaborate, communicate and share documents in real-time, and have a single source of truth.
Considerations when choosing a data room vendor
Many available virtual data room providers in the IT market can be distinguished by price, functionality, and reliability. There are several critical points to consider when choosing your system:
- Security
It is possible to encrypt data and use electronic digital keys to ensure the security of information during its movement in the data room. The encryption mechanism of the software can be easily integrated with the solutions of any crypto provider. For maximum reliability, each room user’s account is protected by multi-factor authentication. Some providers have built into their services the ability to log in by scanning a fingerprint. This secure solution should ensure compliance with data protection requirements such as the EU Data Protection Regulation (GDPR).
- Indexing
Indexing technology in the data room allows users to recognize documents subject to identification automatically. Applying an index to a printed document will enable you to find this document in the database in the future instantly. It contains all the necessary information needed to identify the document uniquely.
- Customer support
Setting up VDR quickly is crucial to optimize time. That is why the virtual data storage center must offer help with setting up and uploading documents. The service should also provide a dedicated team available 24 hours a day, including nights and weekends because the opportunities to close a deal are not long in coming. And you don’t have to wait either.
- Reputation
Pay attention to how many years the service has been on the market, the number of customers, and how many are large companies. Small projects fail to provide adequate maintenance, resulting in constant outages. In addition, they may leave the market due to high competition.
- Price
It will depend on functionality, number of documents, etc. You need to compare several services and choose the one that is the most profitable specifically for your company.
In general, the architecture of the data room solution and the electronic archive’s functionality for modern business tasks must support the modular paradigm.