How to choose The Trustworthy dataroom software Vendor

There are many reasons why file-sharing software is inadequate when it comes to today’s data needs, and not just for large organizations – even small boutique companies now routinely turn to Virtual Data Rooms even when their data needs are relatively limited. This article will provide the main requirements on how to choose the right service. 

How to Choose Data Room Vendor?

If you still need a Virtual Data Room, it remains to determine how to choose a provider. At first glance, this is similar to choosing the service, and therefore it is recommended to pay attention to the following criteria:

  • Experience in implementing projects similar to yours. If there is no such experience, then the performer will learn from you. 
  • Price. In general, it is worth getting an offer from several companies on the market that provide a similar range of services and make a choice in accordance with your needs.
  • Availability of round-the-clock technical support, speaking in a language understandable to your employees and potential buyers.
  • Simplicity, usability, and intuitive clarity of the interface of the virtual dataroom. It will reduce the loss of time for study and the number of possible mistakes from incorrectly performed actions.
  • The level of information protection. In principle, the methods of protecting information are approximately the same for all providers, so this point is more related to the degree of development of paranoia among the seller and potential buyers.
  • Data placement. You need to decide where you prefer to store your confidential data – on the provider’s equipment or on your servers.

If consulting companies are involved in the transaction, in principle, they can be involved in the selection of the provider of the Data Room. However, one must be aware that such a choice will most likely be based on the convenience and benefit of the intermediary, not the customer.

How does it work?

When the selection is made, a typical Virtual Data Room startup cycle looks like this:

  1.  Preparation of the deal. Calls and meetings – clarification of project requirements. It is at this stage that recommendations for choosing a provider will come in handy.
  2. Scanning. Coordination of collection and return of original documents to various offices of the company. Probably the most labor-intensive and time-consuming operation, however, a number of virtual room providers take on this part of the work as well.
  3. Preparing the index of the room.
  4. Uploading documents to the room (in scanned and electronic form), adding access groups and users.
  5.  Quality control. Checking all parameters of the room.
  6.  Acceptance. The client checks and accepts the finished room. Well, if the choice of the contractor was made correctly, the goals are clearly defined and agreed upon – this stage should not turn into a headache.
  7. Training. Training for the organizers of the transaction in the formed information room. Still, it is worth finding time for training for everyone who will work with the room, from alpha to omega, which will save a lot of time and nerves in the future.
  8. Starting the room. Buyers get access to the information room.
  9.  Training for buyers. Training for representatives of buying companies (if necessary).