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How to select the right data room for your business needs

Every decision you make within your business will greatly affect its process, sometimes not even for the better. But if you decide to use the services of a virtual data room, you can be sure that it will make only positive changes in your work. But how do you choose the right VDR for your business? Our article deals with just such a question.

Identify your needs and abilities

Before you start discussions on this subject with your colleagues and start сheck data room reviews you should clearly understand: what exactly do you need the services of a virtual room for? Also, remember to consider how well you and your employees understand modern technology. This is necessary to adequately assess their abilities and thus narrow the choice of VDR because you will already have clear requirements and expectations of a particular server. 

For example, if it turns out that your team is not so strong in the knowledge of technology you need a data room with an intuitive interface. Also, in this case, you should pay attention to the quality of customer support service, as during the use you may have some misunderstandings, which must be answered quickly.

Define the desired functions

So, when you’ve decided on your requirements for VDRs, you need to decide what features should be present in a data room that’s right for you. Some are just a regular storage space, others have a more diverse list of functions. 

The functions usually fall into the following categories:

  • Security -Security is one of the most important features because, without reliable protection, you risk losing information, your reputation, and quite a bit of money. Always pay attention to the security level of VDRs, and look for the two-factor authentication feature. To avoid illegal copying VDRs should have a watermark feature
  • Document management capabilities-adding notes and comments and setting deadlines greatly improves your work efficiency
  • Permission settings – without these you can’t share the document with your colleagues or clients, but you can limit the viewing access to some of them
  • Quality Control – This feature analyzes your documents and files on the server and checks their quality
  • Analytics- it is important that the VDR you choose provides about all accounts, files, and actions. This is necessary not only for security reasons but also for better project management 

Compare virtual data rooms

Once you’ve identified the features your company needs, you can start comparing VDRs with one another. Find the platforms that mostly meet your requirements and start comparing them. The Virtual Data Room Comparison Chart can help you with this.

Don’t forget to read reviews from other users. After all, some reviews may be bogus. Be aware of signs of fake reviews such as a five-star rating and spelling and grammatical errors. 

Pay special attention to feature reviews that you seek for. To be on the safe side, you can also research the company, which will clarify things a bit and show you if they are worth trusting.