A virtual data room is a unique corporate environment that acts as a repository and is used for exchanging various data.
Users can organize, edit, and share corporate information with the appropriate security clearance. All processes are carried out in compliance with advanced cybersecurity technologies to eliminate the possibility of hacker attacks and leakage of important information.
Currently, virtual data rooms are widely used to support complex projects and processes that require exchanging large amounts of data with third parties outside the firewall.
In view of this, VDRs have become a solution used to exchange financial documents, intellectual property, information for litigation, etc. You can read more about the VDR’s scope of application in the appropriate section below.
In addition, a virtual room allows you to track each user’s activity, a view of which files and folders were open, how much time was spent studying the specific documents, and so on.
This information is especially relevant in the area of seller-side M&A and fundraising, as it allows for assessing the level of stakeholder interest.
Thus, today’s cloud VDR resources are significantly different from the physical data room in which documents were stored and shared. Unlike physical rooms, VDRs do not require a lot of funds to spend on maintenance and costs for stationery, courier services, consumables, and more.
Dataroom-providers.org to learn more about the main features of modern VDR rooms and how to test a trial version of the virtual data room.
Essential Virtual Data Room Features
Below you can see the main common features of most data room solutions. Some of them may vary depending on the specific provider.
Security
Currently, any electronic data room offers a level of security that is identical to financial institutions and significant banks. So, for example, VDRs offer customizable access conditions to information based on hierarchy and roles, two-factor authentication, TSL and SSL protocols, information leakage protection, watermarks, etc.
All data is encrypted during storage, sharing and protected by multiple firewalls.
Control
VDRs are designed to minimize the risk of human error. This way, stakeholders can seamlessly view the correct files at the right time. So, for example, administrators can change settings to disable or enable printing and downloading documents, use dynamic watermarks, and set the document’s validity period.
Ease of Use
VDR technologies do not require special knowledge or the participation of an IT team for full customization. The user interface of most VDRs is intuitive and not overloaded with control buttons. All documents are indexed, numbered, and easy to find using advanced search settings.
Industries Where VDRs are Used
Online data room software is widely used in various profit and non-profit organizations. Below, you can see examples of businesses where virtual data rooms are currently mandatory:
- high-tech industries for storing important corporate information;
- investment banking for the successful completion of mergers and acquisitions, IPOs, capital raising, and more;
- corporate development to cope with large volumes of information;
- the legal industry, for digital workflow and increase efficiency;
- startups to facilitate interaction with stakeholders;
- accounting and audit companies for sharing reports and audit results.
Key Options for VDR Free Trial
Since there are a lot of data room services providers on the market, it is necessary to approach the issue of choice carefully. The ideal option would be to purchase a trial version of the product after reading the reviews and studying the provider’s reputation. After launching the trial version, you need to evaluate the following resource options.
Support
Using the trial version of the product, you need to evaluate how responsive the customer support is. In the work process, you will most likely have questions that will relate either to the technical side of using the tool or the pricing policy. It is worth evaluating the available communication channels with the support team, assessing how quickly they can answer the question and how professional they are. Note that often VDR providers may have different levels of support depending on the service package purchased.
Give preference to resources that offer 24/7 support.
Data Loading Options
Since uploading various files is a crucial task in any virtual data room, this option should be thoroughly tested. To do this, try downloading both text and media files, check the download speed, the presence of bugs, lags during download, etc.
Restrictions on Copying, Editing, and Printing Documents
This trial version option is directly related to security issues. After uploading materials, try to open and view documents. Evaluate how fast and straightforward the process is. Check if you need to use additional software for this purpose.
It is essential to test the possibility of imposing a ban on editing files for unauthorized users.
Flexibility of Settings
See how easy it is to change single or group file access. This is extremely important because you will perform this operation quite often in the course of work. Therefore, this process should be simple and trouble-free.
Support for Operating Systems and Devices
It is necessary to test the trial version of virtual data rooms on various devices (PC, tablets, and smartphones) and operating systems. This is important in emergencies or for accessing software on the go.
If the data room is available for all operating systems, it will be easier for you and your stakeholders to communicate.
Intuitive Interface
Here you need to answer how quickly all team members will be able to master the VDR fully. Choosing a tool with an intuitive and adaptive interface is advisable, with a minimum number of settings buttons.
All the above given data and information regarding VDR is really known to be useful and significant for you to consider.
