Best Data Room Providers 2020
Comparing the major virtual data room vendors in virtual data room reviews does not have to become a simple check of the cost of one virtual data room solution compared to another. There are dozens of factors that influence our decision: the number of users of the virtual data room, the contract length, the amount of data that will be uploaded, the list of business-critical features, to name a few.
So how do we understand which provider offers the best deal? The key is to understand the variety of features present in solutions by top virtual data room providers and then determine which is best for your business needs.
But by taking a close look at virtual data room offers from top virtual data room providers, we offer some advice to help you find the best value. This website goes deep down into the details to show you which virtual data room providers have the best balance between the choice of secure file sharing features and their pricing plans in this virtual data room comparison.
Looking for a suitable tool, a modern business gets to choose among a wide variety of virtual data room providers. That’s good and bad news at the same time. The good part is that you can always find what will precisely fit your needs. However, the more options you have, the harder it is to pick one – and that’s the bad part.
At first glance, all online data room providers look rather similar. They all have pretty much the same features, offers, and approaches. Although, when you take a closer look, you can see that there are differences between them. Therefore, to choose the best virtual data room for your needs, you have to invest some time into the research.
Electronic data room providers have different origins – and that’s the factor that significantly impacts the software in terms of versatility and agility. Also, while some of them try to cover every business process that involves documents, others prefer to focus only on certain kinds of deals and industries. It influences the set of features a specific provider offers.
So before jumping to the research, you first should determine your needs and understand what will you use the data room for. And then you can go through our reviews on this website to find the correct instrument for your firm. We’ve laid out all the features of the best virtual data room providers so that you can go through them quickly and find what fits you.
How to Compare Virtual Data Rooms
As you can see, even though we’ve picked only the best data room providers, there are still many of them. That’s why you should start with understanding why do you need the online deal room for. What kinds of deals will you hold using it? Which functions do you need to feel comfortable maintaining your corporate documents? How often will you use it?
Once you answer these questions, it will be easier to determine your requirements and realize what you’re looking for. Another thing you should do is to figure out your budget. Virtual data room providers set different prices for their services. And sometimes you pay more only for the well-known brand while the software itself is fairly mediocre. Therefore, you should know in advance how much money are you ready to spend on the data room. It will help you to instantly drop options that are too expensive so that you don’t overpay.
Then you can go through features different providers offer and pick the options that suit your requirements the most. At this point, you want to consider additional criteria. First of all, we advise you to prefer the providers that offer a free trial. It will help you to test the software and see on practice if it fits your business. Pay attention to the interface – how easy is it to use, how well are the features organized. You want to get the software that won’t require any training.
However, issues happen even if you have the most straightforward data room. That’s why the provider should offer a support team that is available 24/7. Thus, even if you will never need it, you still will feel much safer and calmer knowing that you can get help if something happens.
Benefits of Online Data Room Software
Unlike generic cloud storage, virtual data room providers take care of the security of user information. They use the most reliable 256-bit encryption to protect both the storage and data transfer ways leaving hackers zero chances to access the stored documents. Additional safety features like two-factor authentication, watermarks, different levels of access, and other tools allow users to enhance the protection even more. Also, these functions give customers control over invited users and their activity in the data room.
The best data room providers make their software compatible with all devices and platforms. Some of them make it happen to create mobile apps, and some simply offer mobile versions users can access via browsers. But regardless of which way do they choose, customers can enter the data room from anywhere at any moment. It helps to significantly accelerate the deal and make sure that everyone can work with documents even if some participants are on the road.
Having access to the support team is vital because sometimes you need urgent help. Otherwise, the deal is stuck. The best VDR providers offer support teams that are available 24/7/365 so that users will never feel frustrated or lost. So if you face any issue, you can get help instantly so that the problem doesn’t harm the work. Many vendors even provide their customers with a dedicated project manager that will go through the deal along with the users to help them get the most out of the virtual data room.
Choose the Best Virtual Data Room for Online Deals
The first thing you need to do is find out which features will be absolutely necessary for the success of your project. Which features will be deal-breakers and which ones can be sacrificed. This will form your expectations of the online data room and when you log initially you will not encounter any surprises. Keep in mind, cutting edge security features is something that all companies will require, regardless of their project or industry. Therefore, you should check which custom security features does the online data room offer besides the usual firewalls and data encryption.
Price is one of the main factors companies consider when choosing an online data room, but it should not be the deciding factor. Keep in mind that most data room providers offer a wide array of plans to choose from and with some of the most advanced features include in the more expensive plans.
If your project is very complex, you may need these advanced features in order to make life simpler for you and everybody involved in the project. The last thing you want to do is save on critically important features since it will end up costing more in the end. Also, be sure to verify that your pricing plan is flexible. If your project expands, you will need more space to store your documents and if you choose the cheaper plan, you may be stuck with it.
If your project requires strict confidentiality, then an online data room will be simply indispensable. When you take an initial look at certain data room providers out there, they seem to be offering very similar services, but, in reality, some of them really cut corners as far as security and usability are concerned. While conducting your search, you need to take into account that no two virtual data rooms are the same and some will be useful for certain types of projects such as due diligence and M&A transactions, while others will be useful for things such as case studies and document repositories.
Whenever you log into a data room for the first time, it can be hard to figure where everything is. In fact, you may need help with simple things such as uploading or viewing documents. If this happens, will their support team be there for you whenever you need them or will they be there during certain hours? Also, you may need help in a language other than English. Will support be available to you in this situation?
These are just some of the aspects that you need to consider when making your choice since making a mistake at this stage can be very costly. Take the time to figure out your specific needs and discuss them with the data room provider. Everything else will fall into place.
Virtual Data Room Services
Comparing online data room providers is complicated. It is not the case where you make a cheek-to-cheek comparison because virtual data room providers offer different pricing plans, unique features, and data management tools, and frequently add new features.
- Reporting and Audit. Each user action in the virtual data room is thoroughly recorded and can be examined for useful business insight, for example, to gauge user interest in a particular document or folder. VDR provides a complete audited trail of actions which is essential for highly regulated industries with strict compliance requirements.
- Gradual Access Control. The data room owner can set a detailed structure of permissions that outline what each user or user group can do in the data room, for example, view in full or in restricted mode, print, save or share the documents. Access rights can be revoked even retrospectively, but not many of the data room providers have this function.
- Ease of Data Access. Most top-grade data rooms can be accessed on a variety of devices, including mobile, and work equally well on all common platforms. The intuitive interface improves user acceptance and eliminates the learning curve so even the least technical of dataroom software users can start working in the VDR straight away.
- Secure File Sharing. Data rooms are specifically created for companies who need a controlled, permission-based medium to share sensitive, confidential, or intellectual property data. Relying on these precious types of data on consumer-grade file sharing solutions would be a grave mistake. Watermarking, permission-based file sharing, and document rights revocation help to secure file sharing in the virtual data room.
- Collaboration Tools. This set of features permit users to collaborate with others on a specific document or folder in the data room. Some collaboration features such as Q&A and secured email can only be found in top- grade data room platforms. Many users rely on the ability to discuss and comment on the data they are working on.
- Multi-layered Security. Data security is imperative for virtual data rooms and top VDR providers employ a number of highly advanced security technologies, including encryption, multi-level user authentication protocols, and post-dated access revocation. Document security features usually include customizable watermarking, printing disability, and view restriction.