Data rooms, or VDRs, have become an essential component of the corporate world. A data room is vital to organizations to facilitate the due diligence process. Company employees can share sensitive data and confidential information with data rooms within a secure and user-friendly environment. They can also seal mergers & acquisitions without fearing losing sensitive data or traveling considerable distances to meet physically. With such convenience, companies can save a lot of time and money. However, not all data rooms are the same. Each service provider comes with unique packages and features, though the same concept remains. Firmex is among the leading VDRs providers with good features. Here are the different features that you should take into consideration.
Customer support is an essential feature of VDRs. Different platforms or service providers have varying ways to support their clients. Premium service providers will have more avenues of communication than basic platforms. For instance, they may provide call support, chat rooms, social media and email communication and are available 24 hours a day and seven days a week. On the other hand, basic providers may only have chat rooms and limited availability. You should select a premium based on your needs and, of course, your budget.
The security of the provider you select is a paramount consideration. Top-notch security differentiates a successful VDR from the others. It would be best to look out for international security compliances recognized the world over, such as ISO/IEC, GDPR, SOC2 and other advanced features that ensure maximum security. Your business partners and clients will feel safer and more confident when dealing with you if you have such security protocols in place. Basic platforms will have just the standard security features that are, in most cases, not enough to secure your company’s files and data. The security features you select will depend on the sensitivity of your data.
The extent to which you can control access of files and documents on your company’s platform is critical. You should be in a position to control who accesses what and when. That way, you can allow access to the company’s information only to those authorized to see and use that information. Some VDRs come with advanced features that enable administrators to create firewalls and other security barriers to safeguard data. Only those with authorization can access restricted files. Other basic platforms will store data but will not have specific compartments that allow only those authorized to access. Your selection depends on the level of restriction your company needs.
Different VDR providers have different pricing structures. There are three tiers of these providers with different pricing mechanisms, with some having fixed pricing and others with flexible approaches. First-tier providers can offer annual packages giving you unlimited projects for a fixed fee. Others charge based on use and have a different subscription that you renew according to your provider’s agreement. Your budget and needs should inform the package and the provider you choose.