When deciding which virtual deal room software they want to select, directors must consider many factors, from the functionality of the platform and security features to customer service and pricing models. While price is a significant factor, it should not be the primary consideration when choosing the best VDR. Many VDRs that charge higher for their services are able to provide superior functionality, such as advanced features and customizable dashboards.
VDRs are characterized by drag-and-drop uploading and a data structure with automatic indexing. They also have dynamic watermarking to prevent unwanted duplication of files or sharing. Other features include activity reports and the capability of setting an access hierarchy. It is vital to ensure compliance and security by monitoring all downloads and accesses.
When you are comparing virtual data rooms, look for one with a robust digital rights management system that includes IP-based restrictions and encryptions controlled by the user. Also, ensure the virtual data room supports the kind of operating systems and devices your project requires. Some virtual deal rooms, for instance are only accessible via the internet, while others can be used with mobile devices and tablet apps. Some also offer no-plugin IRM, and multiple languages.
The most effective virtual data rooms have an easy interface with a minimal learning curve. Startups typically have limited resources and may not be able to pay for complex platforms or invest time learning about new technologies. They should look for a virtual data room with an easy-to-use interface and 24/7/365 support. It’s also a good idea to look for a service provider that has a landline phone number and online forums.