A virtual data room can be beneficial in various business scenarios that involve executives at the top sharing data with service providers, prospective investors or companies from outside HR departments that manage employee records, or even project managers involved in various aspects of operation. A VDR that is secure and has the right measures in place can help to make transactions more efficient, and prevent any misappropriation.
The kind of data you’ll be uploading to your VDR will determine what features you’ll require, such as granular user access and two-factor authentication. Make sure the software you’re looking at is compatible with any other software that your company uses. This will help you save time and effort if capable of integrating your VDR with tools such as Salesforce or Slack.
When selecting a VDR provider, it is important to be aware of how many users are going to be using the platform and the amount of storage space you’ll need. Some older providers charge per page, which can quickly outstrip your budget. You can also opt for a monthly flat cost or pay per user.
There’s also a new breed of modern VDR providers who leverage technology innovations and efficient Software-as-a-Service delivery models to offer professional-grade document control, security and support at a fraction of the price of legacy providers. For instance, iDeals and Securedocs are suitable for small and medium-sized businesses and have simple user interfaces that are easy to navigate. They are ISO-compliant and provide transparent pricing, without the need for hidden charges or contracts.
