A virtual data room or VDR is an online repository of documents which also facilitates their storing and distribution. VDRs are used across industries and enterprises for the many advantages they provide. They are cost-effective, provide greater flexibility and accessibility, and come with added security. There are various vendors offering VDR services for corporate use. You should keep the following points in mind while choosing a VDR for your business:
- You should have control over the VDR
It is important for the owner to have easy control over the data stored in a virtual data room. He/she should be able to view and modify group permissions. This is important to allow required users to have access over desired documents as and when needed. Some of these include – disable print/download and include dynamic watermarks in documents as added security measure. You should also be able to access the activity records by other users.
- The VDR should be easy to use
Ease of use is one of the most important factors you must consider while checking for VDR features. The documents should be easy to organize in folders and also easy to access. Ease of use ensures that multiple parties should be able to view and navigate through your files and folders in the VDR without much hassle. It is even better if the VDR provides a Q&A platform for various team members and stakeholders to interact and discuss. Such discussions can also be stored for future reference.
- Your budget
Various VDR vendors provide different pricings for VDRs depending on various features. Choose one which suits your needs and your budget.
- Vendor reviews
Ensure you check virtual data room reviews from various vendors and do a thorough research before taking a final call. A good vendor should offer optimum support as and when needed.