A virtual dataroom (VDR) can be a powerful tool to reduce the time and effort required for mission-critical transactions, address bottlenecks and guide them towards the desired outcomes. Not all VDRs are created equal and selecting a poor one could place document management your data at risk for theft, unauthorised access or loss.
To ensure that you choose the best option for your needs, think carefully how a company compares to other vendors on these important criteria:
Pricing
Pricing is one of the most important and frequently overlooked differences between VDR providers. Many of the older providers charge per-document, which may be fine for small projects or with well-defined document structures. However, this is not suitable for larger deals, or M&A due-diligence. The newer providers tend to provide flat-rate pricing, which is a much more appealing option for large or long-term projects. The flat monthly charges typically include unlimited pages, users and storage.
Permission Settings
The degree of granularity you can set in the permissions settings can have a significant effect on your ability to keep confidentiality and avoid misunderstandings. You should look for options such as “view only” and the option to set watermarks so that they can be disabled to prevent downloading of files intended for consultation only. Be sure to look into the details of your activity logs, which can help you identify workflow roadblocks, gauge the level of engagement within your team and increase transparency within the company.
