If you are interested in virtual data rooms and are looking for a trusted provider, then there are criteria that you must pay attention to. Below we show you the 5 most important ones.
It is only logical that you first pay attention to whether a provider can provide the necessary security for your documents. Vulnerabilities can, in the worst case, cause negotiations to fail. In addition, your negotiating partners may lose confidence in you if the data room provider you select does not seem confident enough.
Some aspects you can look out for:
Possibility to detect a virus
Possibility to assign different access levels to different subscribers
2. Technical Support
It can always happen that something in the virtual dataroom does not work the way you want it to. For this reason, it is very important to have a contact person for these technical problems.
Pay attention to whether you have personal support (can you call someone or just chat with a bot?) Or if there are price differences, depending on what kind of support you want. There are vendors who charge extra money if you want full support. In addition, it would be good to know if you can reach the support 24h or only at regular times.
Support is also often responsible for getting you involved in this virtual data room. Here you can pay attention to whether a briefing applies to all your participants or only for one person.
3. User friendliness
A virtual data room should always be relatively easy to use and have a clear structure. While you have enough time to get used to your data room, your negotiating partners often work with your data room for the first time. Difficult use would only make a successful negotiation cumbersome and unnecessarily protracted.
Negotiations are often very fast. The simpler the virtual data room is, the faster you pull a successful conclusion of a deal on land.
Examples of user friendliness:
Ability to upload multiple files at once
It’s best to test your data room before you start using it professionally. Most providers allow a free trial.
Make it clear from the outset how much money you need to invest in a data room. What are the monthly fees? Do you have more costs if you add more users, need more storage, or want more features?
The vendor should have cost transparency and you should think carefully about what you want to use for a Dataroom. If it is just a single negotiation, then it pays to pay attention to a cheaper pricing structure. Due to the large number of providers, there are different pricing models: monthly fees, subscriptions, billing based on used data storage, etc.
As with other products and services, it is also an advantage to see different reviews. What is positively seen by users and what is rather negative. It may also be possible to read what some users are using the Dataroom for. So you can weigh whether the provider for your wishes and ideas is created.
Among other things, these 5 criteria can help you to find a good data room provider.
What is a data room in a due diligence and what types are there?
The seller in a due diligence is only to a limited extent interested in providing information about his company. In order to take account of this protection of secrets, only selected information should be made available to a limited circle of interested parties.