A virtual data room (VDR) is the best cloud-based environment to safely store and share highly sensitive documents, collaborate with partners, and effectively manage relationships with third parties and in-house staff. From due diligence to M&A, fundraising and auditing, the VDR software is the most secured file sharing platform to handle all of these business dealings.
The best virtual data rooms are marked by certain unique features and these features stand them out of the lot. These are the features anyone looking to acquire the best should aim for as they not only provide security for important documents but other great benefits like file organization, compatibility with several devices, easy deployment, and a lot more.
Top 6 features virtual data rooms should have
1. High-end security protocol
The major essence of using a virtual data room is security since it’s a virtual environment where highly sensitive financial and confidential materials are stored for protection and sharing. Data rooms are renowned for providing a fortress that even the best hackers won’t have the resources to break through its defense.
But not all data rooms offer this high-end security feature to guarantee optimal security. This is why you should endeavor to check for the level of security protection available. Check for security certifications like SOC 2, ISO 27001, SSAE, the 256-bit AES SSL encryption, self-destructing documents, watermarks, and many others depending on the needs of your business.
Other security features that you might need aside from the overall protection of the data room from hackers include:
- Restricted viewing
- Group permissions
- Granular access
- Multi-step verification
- Two-factor authentication
- Audit logs
2. Intuitive user interface and easy setup
The best electronic data room software should be easy to use for just anyone with a basic computer experience. The user interface should be intuitive, simple, and less complicated. Setting up and integrating with existing technological infrastructure within the organization should also be easy. Sometimes a demo is needed to effectively run a VDR data room, but most people can fare off well without it. Usually, a 7-day trial period is enough to understand how easy the software is before staking your funds.
3. 24/7 support
Support is everything when it comes to software like this. The best providers will offer to set up the virtual data room for any client and get it running before calling it a day with the purchase.
It goes further into after-sales kind of services like support whenever it’s needed. This support can be anytime, could be 2 am or 12 noon, but is certain to be available when the occasion demands. The system for communication should also be easy. Phone calls are better than emails because they are instant and communication is vocal, so both parties are clear on the problem and solving it becomes easier.
A reputable VDR provider will offer support on phone, email, social media, and every available media for hitch-free communication.
4. High-end document control and permissions
Although this has been highlighted as a security feature, it’s quite important to stand by itself and be fleshed out. Document control helps the administrator control who sees what is in the room, limit or revoke access completely from any user, or grant permission to documents by folders or separately.
The admin can permit certain staff to access certain folders and while they do it, he’s being notified of their activity in that environment. Even when the admin is not in the VDR, every action done inside of it will be reported to him. This feature is also known as activity lor or user activity monitoring, and it is usually done round the clock.
5. Document organization
The VDR software is not only for secure file sharing, it has to suit the purpose of file organization for easy access and sharing.
The best data room services will enable you to to arrange your documents in an orderly manner with various labels and tags. They can be alphabetical or deploy any system of tagging, the most important thing is that the documents are well arranged and ready for presentation at all times. Tags are better than folder organization because they make it easier to spot documents, especially during emergency audits.
The best providers will also come with a search feature that will enable you to type in the keyword of the file in a search box and the file will be out in seconds. The organization should be done professionally because the VDR is mostly used for third-party activities and audits.
6. Seamless integration and compatibility
One of the many perks of a virtual data room is its ability to integrate with existing tech infrastructure whilst working in synergy with them afterward.
The best VDR will allow for seamless integration with existing systems in place. The data room should also be compatible with various operating systems and not limited to a particular platform. Having a mobile application for quick mobile access is preferable as well.
The best virtual data rooms are loaded with features that enhance the security of documents stored in them, make partnership deals effective and professional, and fit into all of its use cases optimally. However, some features are too critical to go unnoticed.
These features, if not checked, can lead to a poor choice of a data room. These are features that make the VDR excellent in function and better in reputation. From security to integration, and easy usage, these features are essential and they are the yardsticks to measure the best virtual data room.
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