How to Evaluate a Virtual Data Room

Virtual Data Room

When Firmex it concerns the security of online files and data, a VDR takes a multifaceted approach that goes beyond physical and application security. Look for a company that has ISO 27001 certification and features that include continuous backup, uptime greater than 99.9 percent, multi-factor authentication, and redemption of accidental data.

A virtual dataroom permits teams to look over documents more easily than traditional email or chat, particularly when working on M&As due diligence and other complex deals. Find out how easy it is to use the software and whether there are support staff available. The best-in-class providers offer in-app, phone, and email support as and helpful help centers with videos of the product.

In addition to an easy-to-use interface and intuitive functionality, look for a VDR that has options for customization. For example, the ability to include your company’s logo and color scheme enhances brand consistency and increases the user experience. This makes a great first impression and demonstrates to the vendor that they realize how important this tool is to your success.

Consider the reporting and analytics capabilities of a VDR. Idealerweise, the provider should provide comprehensive reports that include real-time information as well as an overview of the platform’s activities. This is crucial for making sure that teams are on track to achieve the outcomes that both external and internal stakeholders expect. VDRs are most commonly used by technology and life sciences companies, but companies of all kinds must secure their confidential data.