As businesses take their document management online using data rooms has become a crucial tool to conduct due diligence, M&A and other sensitive transactions. Selecting the right VDR is crucial for efficiency and for ensuring successful deals. This article looks at the best options available in terms of security, collaboration, and pricing for customer support.
A top-tier provider of virtual data rooms must offer a number core features that can simplify business processes. This includes fast uploads which allow a file to be transferred in seconds with a customizing the question and answer feature as well as built-in erasure and DocuSign Integration. In addition, the best providers must provide strong and secure security measures designed to safeguard sensitive files. Multi-factor authentication, timeouts for sessions, location restrictions and granular permissions are just some of the security methods that can be employed. They must also have an extensive infrastructure, including advanced data encryption, 24-hour data recovery and virus scanning. Some providers also have specific standards for the management of sensitive data, such as ISO 27001, CCPA and HIPAA.
While many providers claim to be the best on the market, each has something unique that distinguishes it from the rest. Intralinks, Merrill Datasite, and Firmex for instance have a strong emphasis on security. The final decision will be based on the business’s particular requirements and priorities.
Other important factors to consider when choosing the virtual data room are its cost and the ease of use. Many providers offer additional services which can be incorporated with virtual data rooms in order to cut costs. These services may include education, consultation and other support functions. In addition, the best virtual data rooms must be user-friendly with intuitive features and seamless workflow.