There are numerous data room services on the market. It’s easy to get caught up in the low-cost plans, or the lure of a trial offer, but if you don’t spend the time to research the options thoroughly, you could be stuck with a VDR that doesn’t really fit your requirements.
It is also crucial to pay attention to the support. Make sure that they offer at least a minimal response time, 24/7/365 availability and single-point-of-contact resolution, as well as a knowledge base and free access to an online demo. Features that are convenient to look for include a broad support for various file formats, an intuitive interface and Drag & Drop file upload.
Find out if the company provides a variety of security measures such as two-factor authentication, for instance, and 256-bit SSL encryption. You can rest assured that your documents won’t fall into the hands of hackers.
Virtual data rooms are available for a range of industries. However certain kinds of rooms are more specific. For example, M&A virtual data rooms provide users with tools to help streamline the due diligence process and secure large-scale document sharing. These data rooms also include checklists and templates that help their users streamline the process of negotiating deals. Another industry that is commonly used is real estate, where the virtual data room is used to manage the whole due diligence process, as well as to securely exchange documents with a large range of people.