Review

5 Features Every Virtual Data Room Provider Needs To Provide

Lately, virtual data rooms have become a significant advantage over other data storage and sharing programs. They provide proper security, data management features, collaboration tools, and ease of use, but do all providers fit that description? It’s likely that not every VDR provider can provide the features that will benefit you. So, in this article, we’ve highlighted 5 features of VDRs that you should look for in a quality provider.

Secure security features 

For truly quality VDR providers, security is a top priority, not to mention for business owners. That’s why you should make sure your VDR has all the features you need to protect your sensitive documents. Data leaks carry a number of unpleasant consequences, which include loss of customers and reputation, huge costs, and litigation. Virtual data rooms should take the following steps to avoid this 

  • Compliance with international security standards – the provider must provide a security certificate from ISO, HIPAA SOC, etc.
  • Encryption features – encrypted data provides no value if stolen
  • Login protection -additional password protection prevents unauthorized entry
  • Granular permissions – control access to your documents based on roles or manually, preventing people from viewing, copying, printing, or downloading the document, thereby protecting data from leakage

Ease of Use

Extremely complicated to use software is not only unprofitable, but it’s also dangerous. First, such VDRs take too long to learn and adapt in space. In addition, you must remember that this space will be used not only by you but also by your employees and potential partners. Secondly, outdated and cumbersome interfaces increase the chance of human error, for example, your employees may mess up security, or pass a file to the wrong person, not to mention the invited users, for whom such a VDR will mean additional hassle, not a simplification of the situation.

Tools for Collaboration 

To have a successful transaction, communication between the parties is very important. However, it is not advisable to use normal online communication tools to discuss business and confidential matters. Therefore, your virtual data room providers must provide you with tools to communicate within the space, such as encrypted chats or question and answer sections. In this section, anyone can ask a question and get an immediate answer. 

Advanced document management features 

As you know, VDRs are not just for storing and exchanging documents, there are large-scale transactions and transactions that, in turn, involve large volumes of documents. Good data rooms should take care to make your data management easier and more efficient. They do this by using bulk document uploading features, automatic indexing, providing unlimited storage, and smart search functionality. Also, to save you time, data rooms should offer automatic document formatting or should support many types of documents, for hassle-free uploading.

Technical Support Services

Pay attention to the quality of support from your VDR provider. They must provide you with support at any time of the day or night. As in case of any issues or malfunctions, any delay can negatively affect the process and success of your transaction. A quality support team should have multiple ways to contact them, and not keep their customers on hold for too long. The support team should also provide consultations, webinars, or materials to teach how to use their product.