Step 1 – Create a list of criteria for your ideal vdr.
Consider your main needs and tasks when working with data and then select a virtual data room application that meets those needs. For example, if you’re looking for a VDR for an M&A due diligence process, choose one with a wide range of features for document management, collaboration, security, and tracking.
Find out about different platforms by using review sites such as Capterra or G2. Read reviews of users in industries and use cases similar to yours. Consider the ways that an integration capability of a platform could make your workflows more efficient.
Compare the cost structures of different providers. You can avoid surprises by selecting a provider with a fixed monthly rate. Check if the vendor has a support team who is available at all times. This includes their response time and whether they provide phone, live chat, or email support.
Once you’ve narrowed down your list of possible candidates, try them out via a free trial. Pay attention to the interface and the ease of use and how user-friendly it is for everyone on your team. Also test for redaction, e-mail uploads, and tools for managing buyers. The last thing to do is make sure that the vendor adheres to world-renowned certifications and has various security measures. This includes multi-factor authentication, secure storage and backup ideals data room and multiple data centers in various locations.
