Businesses require a virtual room (VDR) to guard sensitive data from leaks while storing and sharing files. Online VDR providers provide a solution that fulfills this requirement for all kinds of businesses, from small start-ups to world-renowned enterprises.
The most effective virtual data rooms are secure and user-friendly. They also provide additional services, such as consulting or training. These services are typically offered at a discount by many vendors when bought with their VDR.
It is crucial to know your company’s needs before deciding on the most suitable online VDR. Consider the size of the project or transaction as well the volume of documents that will be stored. Large corporations may require various document management tools, whereas smaller businesses might only require the basic.
Certain VDR companies offer specific services that are useful for a specific transaction like AiQ bidder engagement, or due diligence Q&A sections. Others have a broader scope and are suitable for all kinds of projects. For example, iDeals offers a robust suite of business tools as well as security features like audit trail reports, two-step authentication and fence view feature.
Take a look at the security certifications that a business has received. It is recommended to look for ISO 27001 certifications, SSAE 16 and SOC 2 certificates. Also, check whether there is a demo or trial version. A good virtual data space should provide a trial for free so that you can try the software before making any commitments.