Platform & Solutions

How to choose a virtual dataroom for your business

Posted by on Dec 25, 2015 in Platform & Solutions | Comments Off on How to choose a virtual dataroom for your business

          Dataroom used to refer to a physical room that contained documents and confidential information about companies, which were usually distributed between the companies during the process of due diligence. Since many aspects of both everyday life and doing business have been moved online, the same thing happened with datarooms. Nowadays there is a concept of virtual dataroom, which is used to store the documents electronically and make them available online for all those who need to have an access to them.

virtual dataroom

When choosing a dataroom, it is important to decide for a secure dataroom, produced by some of the trusted companies. This way, your data will be safe and secure from misuse, and prevented from getting into wrong hands. Benefits of secure datarooms like dataroom24.com, drooms or ansarada are many, and there are several aspects to pay attention to when deciding which one to use, because no matter how secure it is, not every online dataroom will be suitable for your business.

 First of all, look for a dataroom which provides the ease of access to all those who need to be able to access the documents. Check whether it requires any additional software to be downloaded and whether it is possible to access the data from various operating systems and devices (iOS, Android, Windows etc.). In addition, check how fast and easy it is to change the access to the documents and restrict it or expand it to other users.

Business_Solutions_VirtualDataRoom-Section2_0Then, make sure that the dataroom is flexible enough. This means that you need to be able to control who can see what and who can download and upload the documents, as well as to have the options to use watermarks, e-signatures, to print the documents etc. Also, it is necessary to check the maximum size of the documents you can upload to or download from the dataroom.

It is necessary that the dataroom is easy to use. This means that it should be easy to get it up and running and that that it should allow multiple users to log in and access the data at all times and from all locations. It should be intuitive and easy to use, with as many time-saving features as possible (such as bulk upload and download, drag-and-drop upload system etc.). Searching and browsing through the documents should also be easy and sophisticated, and it should enable various search criteria, such as searching by the name of the document, the content of the document, keywords etc. It should also enable searching for different types of files, such as Microsoft Office documents, PDF documents, JPG images etc.

drag-and-drop-uploads

We must not forget the security of the dataroom, in order for the documents to be safely stored and exchanged. Make sure to choose a secure dataroom, which provides multiple levels of security and has a satisfying method of dealing with the documents if they end up in the wrong hands.

Last, but not least, check the price of the dataroom. Check the initial cost and whether there are some extra costs and fees you need to pay for additional services. Choose the dataroom based on all these criteria, and decide for the one with the best price-quality ratio.

You might also want to check a comparison of dataroom providers. They can be easily found online.

Read More