How to Select a Virtual Data Room for Your Industry
A virtual data room (VDR) is an application that allows for secure sharing and collaboration on sensitive documents. Many businesses rely on VDRs to facilitate important business processes, such as due diligence or mergers and acquisitions as well as fundraising.
While certain VDR providers tout their ability to work with all industries, the majority of vendors have a particular focus. To narrow down the selection businesses should search for vendors that offer testimonials from customers in data rooms their particular industries as well as an explanation of the types of projects their software can handle.
Legal firms use VDRs for sharing confidential documents in business and litigation transactions with clients, attorneys, and third parties. Real estate and immovable property deals require extensive documentation exchanged between interested parties and VDRs can streamline the process. Private equity funds and funds use VDRs to communicate with auditors, limited partners and management of portfolio companies.
Businesses in the banking and financial services industry should consider a VDR provider that offers an adjustable UI, multi-language support and integration with the existing IT systems. It is also important to consider the kinds of documents and folders they will need to share and store. The vendor should also provide various pricing options, such as per-page, per-storage and a flat-rate monthly fee. Some providers offer a free trial or a tiered pricing structure to allow users to test the service prior to committing. The bottom line is that a quality VDR is simple to use and offers an intuitive user interface with robust features that can meet the requirements of the broadest range of industries.
