Businesses need a virtual dataroom (VDR) to secure sensitive information from leaks when storing and sharing files. Online VDR companies offer a service that can meet this need for all types of companies starting from small startups to the world’s most renowned companies.
The best virtual datarooms are easy to use and secure. They also provide additional services such as consulting or training. Many vendors bundle these services at a discount when they’re bought with their VDR.
You must first understand your company’s requirements before you decide on the most appropriate online VDR. Consider the size of your project or transaction as well the number of documents that will be stored. For example, large corporations require a range of document management tools and smaller companies may only require the essentials.
Certain VDR companies offer specific services that can be beneficial in specific transactions, for example, AiQ bidder engagement or due diligence Q&A sections. Other VDR providers offer a wider range and are beneficial for all kinds of projects. For example, iDeals provides a comprehensive suite of business tools along with security features like audit trail reporting, two-step authentication and the fence view feature.
You should also look at the security certifications that a company has obtained. Look for ISO 27001, SSAE 16 and SOC 2 certifications. You should also determine if there is a demo version or a free trial version. A good virtual space should offer a trial version so that you can try the software before committing.