Editor's Note: Take a look at our featured best practice, Data Governance: Roles & Responsibilities (24-slide PowerPoint presentation). Data standardization, precision, and security aren't the sole dominion of folks working within the IT department. These tasks involve participation of a number of stakeholders from across the organization. Incoherent data creates hurdles in Data Analytics and business operations. Data [read more]
Which Virtual Data Room Provider Should You Choose in 2022?
Also, if you are interested in becoming an expert on Digital Transformation, take a look at Flevy's Digital Transformation Frameworks offering here. This is a curated collection of best practice frameworks based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. By learning and applying these concepts, you can you stay ahead of the curve. Full details here.
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Most businesses prefer virtual data rooms to traditional physical data rooms because of the advanced privileges they are exposed to. As secure online repositories, virtual data rooms assure reliable storage and distribution, which may sometimes involve financial transactions.
Online data room software can also be used as ongoing document repositories, facilitating an impressive organization of confidential business documents and adequate control and monitoring of people’s access
Even though there are many virtual data providers available, some could be considered better. This article will help unveil some of these providers you should choose in 2022 for optimal data room services.
What Is a Virtual Data Room?
A virtual data room is an online database used for storing and distributing confidential data. It is software used when there is a need to secure sensitive corporate information. It comes with numerous benefits that place it above the traditional physical data deal rooms. With it, financial transactions can be effectively and efficiently done anywhere around the globe virtually.
Some of the areas where virtual data rooms are used include mergers and acquisitions (M&A), fundraising, IPO, strategic partnerships, audits, intellectual property (IP) management, board communications, and secure document sharing. Besides, they are used in industries such as technology, life sciences, investment banking, legal firms, and private equity and venture capital.
The Advantages of Virtual Data Room
Virtual data rooms are designed to improve efficiency and productivity regardless of the market, industry, and business model. With this software, workflows are incredibly improved for special projects and day-to-day operations. Besides, users are provided with an online platform to store data, communicate, assign tasks, and monitor project progress. Below is the comprehensive list of things virtual data rooms can do:
- Offer a secure data storage
- Help control confidential information better
- Assist with the gathering of helpful feedback and analytics
- Help network structure in the information system efficiently with other structures.
- Rapid data organization and transmission
- Can be accessed anywhere at anytime
- Provide better accountability measures
- Can execute projects and deals faster
Choosing the Best Virtual Data Room Provider
If you wish to enjoy the benefits of data room software but don’t know where to start just yet, below are the ways to go about it.
- Break down your needs and abilities: It’s crucial that you know your purpose for buying the software and its effect on your current practices. So, you must know how much storage you need, the kind of files to store, your budget, the team members to use it for, the expected effect on your workstreams, and the amount of data storage or other requirements.
- Know the needed features: Since you know your needs, you need to choose the VDR with the features that can address them. While some VDRs only feature a secure place for data storage, others offer features that enhance data room due diligence and collaboration and also have project management features. The categories that these features commonly fall into include security, document management, permission settings, analytics, and customer support.
- Consider data room pricing: Your budget is important because the pricing models of VDRs do vary. So, before you choose a virtual data room provider, you should know what your budget is. Through this, you can narrow your search. Also, the project’s length and user number for the software must be considered.
- Check out different data rooms: Since there are numerous virtual data room providers, you may need to compare those you think are the best fit for your needs. There are comparison charts you can use. Some include Capterra Comparison Feature and Virtual Data Room Comparison Table.
- Read the reviews: What people say about the provider you intend to choose matters. So, it’s great if you can go online to read other users’ reviews. However, you must be careful because some review sites and reviews are fake.
The Best Virtual Data Room Service Providers
There are numerous virtual data room service providers available, but some have better features than others. To help you with the best in 2022, we offer you some top-rated providers perfect for your business.
iDeals
iDeals is a reliable virtual data room provider that has been used in different professions to meet specific needs. It has been successfully used by investment bankers, managers, and lawyers in different parts of the world.
The software is designed to offer optimal solutions to customers. These solutions are comfortable and secure and can assist them in achieving their set goals.
It’s an online platform that supports over 25 file formats and provides security tools such as two-step verification, data encryption, smart filters, etc. To enhance your company’s transparency and accountability, iDeals can offer audit trails.
Its key features include a user-friendly interface, easy-to-setup software, multiple customization and collaboration tools, bulk uploads (with no number or size limit), and users’ activity shown by graphs and customs reports. Besides, it comes with three plans (Basic, Pro, and Business). You need to get in touch with the vendor to know the details.
Intralinks
Intralinks is a trusted data room provider that offers a wide range of advanced features. It is ideal for medium and large businesses by offering every basic data room service to facilitate collaboration and conduct due diligence. It also sets users up for success via optional training, consulting services, and round-the-clock support.
Its key features include reporting in detail on data room activity, bulk uploads of folders and files, and drag-and-drop functionality. It supports multiple languages and is available on different device models, including iPhone/iPad, Android, Mac, and Windows. Intralinks is one of the providers that provide a 30-day free trial for potential customers.
Clinked
Clinked is a data room provider with numerous software features. These features include document management, file sharing, content management, VDR, knowledge management, internal communication, workflow management, social networking, and collaboration features.
As a cloud-based platform, it is a Software as a Solution (SaaS) available on Android and iOS. With it, users will enjoy audit trail, version control, file recovery, file request, controlled access permissions, custom branding, etc.
Conclusion
Keeping confidential information safe should be the priority of any business. To do this efficiently and effectively in a very easy way, a virtual data room will be an ideal option. Now that you know what VDRs are, their benefits, how to choose them, and some of the trusted and available ones, you shouldn’t have any problem getting the provider that is the best fit for your business.
23-slide PowerPoint presentation
Data Governance is all about overseeing the accessibility, practicality, reliability and safety of enterprise data. Data Governance safeguards data uniformity, dependability, and fair use.
In data-driven organizations, the importance of Data Governance is supreme to generate value. For [read more]
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For many industries, COVID-19 has accelerated the timeline for Digital Transformation Programs by multiple years. Digital Transformation has become a necessity. Now, to survive in the Low Touch Economy—characterized by social distancing and a minimization of in-person activities—organizations must go digital. This includes offering digital solutions for both employees (e.g. Remote Work, Virtual Teams, Enterprise Cloud, etc.) and customers (e.g. E-commerce, Social Media, Mobile Apps, etc.).
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About Shane Avron
Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.
