How to Choose a VDR
Step 1 – Make an outline of the criteria you want to meet for your ideal vdr.
Choose a virtual room software that will meet your needs and requirements when working with data. If you’re looking for the virtual data room to facilitate a due diligence process in M&A, for example select one with a variety of features such as document management, collaboration, and security.
Once you’ve compiled your list of criteria, research different review websites like Capterra or G2. Review user reviews from similar industries and similar cases like your own. Think about how the platform’s integration features can improve your workflow.
Check out the cost structure of different providers. Look for ones with an annual flat rate, which can aid with budgeting and avoiding surprises and overage costs. Find out if the vendor’s support team is available whenever you need them and what their response times are and whether or not they offer phone, email or live chat support.
Once you’ve narrowed down your list of candidates, try them out via a free trial. Pay attention to the interface and ease of use and also how user-friendly it is to all your team members. Check for features like redactions, emailed uploads and buyer-management tools. Finally, make sure the vendor is equipped with a range of security measures, and abides by the world’s most prestigious certifications. This includes multi-factor authentication as well as backup and storage that is secure and a variety of data centers situated in a variety of locations.
