A virtual data room (VDR) is a useful instrument to streamline mission-critical transactions and processes, addressing bottlenecks, and directing them towards achieving the desired outcomes. Not all VDRs are created equal and choosing a flawed one could place your data at risk of theft, unauthorized access or loss.
To ensure that you pick the best option to your needs, look carefully how a provider compares against other vendors on these essential criteria:
One of the largest and most often overlooked differences between VDR providers is their pricing structure. Many legacy providers charge per-document which can be acceptable for small projects, or if they have well-defined document structures. However this isn’t the best option for larger deals, or M&A due-diligence. Newer providers tend to offer flat-rate pricing, a much more appealing option for long-term or large projects. Flat-rate monthly costs include unlimited pages, users, and storage.
The level of granularity available in the permissions document management settings can have a significant effect on your ability to keep confidentiality and avoid misunderstandings. You should look for options such as “view only” and the ability to activate watermarks to prevent downloads of files that are meant for consultation only. Also, make sure you look through extensive activity logs that can help you spot the obstacles in your workflow, evaluate the level of engagement within your team and increase transparency within the company.