Compare data room providers: technological competencies, industry expertise, and public case studies

data room providers

A variety of virtual data rooms for working with documents allows you to choose the best solution for your tasks and organizations of any profile. But on the other hand, for a user who is just selecting the right solution for himself, this diversity creates a choice problem. So, how to compare software solutions?

Digital data room in business management

A virtual data room (VDR) is a well-structured workspace and online repository for business-critical business data based on the SaaS platform. Every step of the transaction, from disseminating information memorandums to the distribution of research reports, is done in the virtual form. Moreover, the data room allows you to implement a system for internal information exchange and develop routes and methods for importing and exporting information with external systems. Thus, a natural filter is formed that regulates the form in which information leaves the company and the form in which incoming information reaches the company’s employees within the system.

The software solution guarantees you the highest data security through reliable security measures. In addition, you have unlimited storage space to securely store all company data and share it both internally and externally. Working with a larger group of recipients is extremely easy, and the entire administration is very efficient and geared towards maximum user-friendliness.

Nowadays, the market for data room systems is perhaps one of the most competitive and provides a larger selection of IT products. The most preferred are:

  • iDeals
  • SecureDocs
  • Box
  • Firmex
  • Digify
  • Intralinks
  • Merill
  •  

Essential points to compare VDR vendors

A general comparison of data rooms shows that virtual data rooms are focused on supporting complex transactions, while free services are mainly suitable for individual use. According to numerous reviews of virtual data rooms, it can be stated that all functions that VDR offers have a high guaranteed level of data protection. Therefore, comparing VDRs helps to quickly understand the variety of offers that exist on the market and discard unsuitable solutions. There are the following things to compare data room providers:

  • High data security

Although security is often taken for granted in a VDR or cloud solution, it is worth mentioning again. After all, your company documents and records are susceptible. The data room is focused on business processes and ensuring the secure movement of sensitive documents along specified routes: they are effective if all work with documents in a company can be formalized, divided into stages, and regulated.

  • Functionality

First of all, virtual data rooms must fully meet all the process requirements. Several essential functions are implemented in each vendor, but different manufacturers offer their options. Therefore, a comparative analysis between different models is needed. In addition, systems are designed with various kits added according to customer needs. For example, for a small company, the use of a complete set will not be required, but only a lightweight version will be enough. But for large-scale production, a comprehensive and even expanded and adapted version of the software is often needed.

  • Pricing structure

It is recommended to find a pricing structure that makes sense for your company. Here it is necessary to realistically assess the cost of the system, not only the software itself but also additional materials that will be needed for implementation: a server, additional hard drives, data storage, technical support, installation and configuration, an additional workplace and even passing special courses by an employee.