As a digital business, you have access to more data than ever before. However, with the proliferation of data comes an increased need for protection and security. A virtual data room (VDR) is an online platform designed to securely manage sensitive files in one place across a network of computers. With its customizable features, it can make your life easier as well as keep your information safe from unauthorized users or malicious attacks. In this guide, we’ll go over what makes a good VDR and how to evaluate whether one is right for you.
Data security is paramount
While we’ve already touched on data security, it’s important to note that this is one of the most important considerations when choosing a virtual data room. Data security is paramount, and for your VDR to be effective, you need to know that your data is safe from harm.
To ensure that you’re picking a virtual data room with robust security features, ask yourself:
- What are the data security features of this VDR?
- What steps can you take as a client or vendor to ensure that your information remains secure throughout its storage period (and beyond)?
Access controls and user permissions
Access controls and user permissions are two of the most important components in any virtual data room. They work together to ensure that only authorized people can access confidential information. The benefits of using them are obvious: they help keep critical data secure, while also reducing the risk of accidental disclosure or fraud.
The drawbacks of not using them are equally apparent—without access controls and user permissions, anyone who has access to your VDR will be able to see whatever you’re trying to hide from prying eyes. This can lead to sensitive information falling into the wrong hands or being altered without your knowledge, which could have serious consequences for you and your business.
Customization options for the virtual data room
Many data room providers allow you to customize the look and feel of your virtual data room. You can also add custom fields, workflow, and reports. Custom branding is important for any company because it allows for better brand recognition. Custom branding is also beneficial because it encourages clients to use your virtual data room consistently and reminds them who they are dealing with.
Ease of use for administrators
The best virtual data rooms are easy to use, whether you’re an administrator or a user. Administrators should be able to easily manage users and groups, permissions, data, integrations, and reports. Users should also be able to easily add comments or documents to the virtual data room using their accounts.
Ease of use for reviewers
The next thing to consider is how easy the virtual data room will be for reviewers to use. Reviewers need to be able to find the information they need quickly and easily, to perform their tasks effectively. If a reviewer has problems navigating through the virtual data room or performing searches, they won’t have time left over for other essential tasks like downloading files or reviewing documents.
Reviewers should also be able to download all of the documents associated with each transaction without any issues or difficulties. If a reviewer is forced into using multiple platforms or systems to download documents, then this can present unnecessary challenges that could affect their overall experience with your organization’s VDR solution.
You will be able to see how well the VDR has integrations with other software. This can help you get a better understanding of whether or not it’s going to integrate with your existing systems.
You may also want to consider how many integrations there are, as well as how robust they are. For example, if you want to use a VDR for collaboration purposes and for sharing documents then it needs to have strong integrations with third-party services like Slack and Microsoft Office 365.
When selecting a virtual data room, it’s important to understand the features, integrations, and customization options available. This article covers some key considerations you should think about before making your choice, including security, user permissions, and control over who can access certain documents or sections of data. You should also consider the ease of use for both administrators and reviewers because they’ll be using it regularly.