The services categorized under the general category of virtual data rooms are similar in many ways and help companies of all sizes solve their business problems. However, the features, pricing, setup, and installation for business are different for other purposes. For this reason, you should choose the right virtual data room for your business needs.
Let’s figure out how to pick the best software for businesses and compare VDRs rankings with the providers.
But before that, let’s look at data room reviews and their business advantages.
The Benefits of a Business Data Room
First, data rooms are private in nature and are labeled because of their high value. This makes them a good choice for companies that need to protect sensitive or confidential information. Most data rooms are used for strategic, financial and personnel data in businesses. This type of data storage is growing in popularity because it allows firms to keep track of all activities that are done with records. Secondly, it makes it convenient to upload documents and place restrictions on who can see them all.
Another good thing about VDRs for businesses is that they can be customized for specific industries. Some vendors create their own applications to serve specific verticals, and some release general-purpose VDRs. Mergers and acquisitions are one of the most common use cases because they entail many public meetings, and the information stored in the online data room software can be invaluable.
Whenever companies collaborate with other corporations, they are often faced with the problem of sharing sensitive information. This requires a lot of information to be posted, and a VDR will make this process much easier. VDR allows documents to be shared in an environment quickly and easily.
Choosing the Best Data Room for Business
There are many features of using VDRs in corporate business. But еhere are 7 key things you need to look at to choose the right VDR service provider for your business:
The strength of any virtual data room provider is, without a doubt, its security. These are first and foremost: data security, feature security, and physical security.
Document Access Control
A VDR provider should have a simple but flexible security assignment option for documents and users. You must have permissions to view, print, and download by file and user. The ability to place dynamic watermarks on every page of the document viewed and/or printed is also important.
Reports to Track User Activity
The ideal VDR provider for businesses involves tracking each user’s login activity. It also provides the ability to get valuable insights from the electronic data room. This makes it easy to know who accessed each business document, when, where and how many times.
Good virtual data room providers strive to provide their customers with an experience that fits their needs perfectly. It’s worth making sure that the user experience won’t be burdened with features and options that won’t be used.
The best virtual data room providers are constantly upgrading their services with the latest technology and security features. And they provide users with the features they need to effectively manage and share business-critical documents.
A virtual data room provider should have a dedicated customer support team that provides fast customer support.
It’s always wise to choose a virtual data room provider that has a proven track record. Experienced providers will be better equipped to provide businesses with the features and data room services they need.
Finally, good VDR providers offer transparent pricing models. Be ready to learn virtual data room costs.
Rating of 8 Virtual Data Room Software for Business
iDeals Virtual Data Room
iDeals Solutions is a trusted virtual data room provider. Its expertise and exceptional results have been tried and tested by investment bankers, lawyers, and top executives of enterprises all over the world. As the most results-oriented and flexible company on the market, iDeals always listens to its customers. The service offers the safest, most convenient, and fastest solution to achieve strategic business goals in any type of transaction.
DocSend helps business professionals securely share and control the content that drives business forward. The powerful link-based system allows you to:
- easily set security preferences for each person concerned;
- receive a notification every time someone views a file;
- analyze the effectiveness of content by page; and
- create state-of-the-art virtual meeting rooms.
Today, more than 25,000 companies rely on Dropbox DocSend to share and manage sensitive information.
ShareVault’s virtual data room facilitates the secure exchange of confidential documents with third parties. ShareVault builds on the experience of billion-dollar transactions. It is the preferred virtual data room for M&A, asset sales, fundraising, licensing/partnerships and director collaboration. Thousands of large, medium, and small companies, venture capital funds, investment bankers, law firms and accountants use the simple and secure platform for streamlined due diligence. Virtual Data Rooms offers many features that provide control and intelligence over documents with the highest level of security and monitoring.
SecureDocs Virtual Data Room
SecureDocs provides an affordable and secure virtual data room for storing, sharing, and managing sensitive corporate documents. With easy setup as well as 24/7 support, SecureDocs helps you prepare for a business transaction in minutes.
Ansarada is a provider of an artificial intelligence-based business deal platform. It is focused on helping companies and their advisors thrive during critical business events (mergers and acquisitions, divestitures, capital raises and audits). Clients include some of the largest companies and strategic advisors in the world.
Onehub is a secure file storage and sharing service designed for businesses of all sizes. Bank-level data encryption and a role-based permission structure means that users can control who has access to content and share important business files with confidence. Onehub offers a suite of robust business tools such as virtual data rooms, client portals, integration with Google Docs, automatic watermarking, branded workspaces and user agreements.
Clinked is a cloud-based client portal and collaboration tool. It enables teams, project teams, and business clients to work efficiently on documents and files in a secure cloud environment.
Citrix ShareFile helps businesses share files easily, securely and professionally. Citrix solutions keep businesses mobile with advanced personal workspaces that give people instant access to applications, desktops, data and communications. It’s available on any device, over any network.