A virtual data room, also known as a VDR is an online information repository that is used in storage and distribution of documents. VDRs are used where there is a need for secure document sharing e.g. in investment banking and law firms.
As any business grows, there is an inevitable need for an intuitive, efficient and secure communication tool. Virtual Data Rooms are an effective way to ensure communication happens in a secure environment where there is no breach. VDRs are also used in projects in such things as intellectual property management, corporate restructuring and investor reporting among others.
Here are some awesome Virtual Digital Rooms reviews that can give your business or organization insight on what to go for if you are looking for an edge in secure communication.
1 – Firmex.com
Firmex is so good for so many things including giving your business secure usability together with innovation and cost friendliness that gives return on investment and efficiency. Firmex are known for excellent customer service that is tailored to meet the unique need of every customer.
Firmex.com uses a cloud based document sharing which makes it popular in industries such as pharmaceuticals, mining, private equity, investment banking and tech companies. Being a big player, Firmex has features that go beyond your traditional Virtual Data Room provider. One of the newest additions is the individualized capability of viewing the data room; something akin to Facebook.
Intralinks is probably one of the largest and most established Virtual Data Room industry player. Founded in 1996, Intralinks has facilitated over $29 trillion transactions since its inception. Intralinks see themselves more than a Virtual Data Room provider and aim to present themselves as a system for team networking and collaboration service providers. Intralinks also come off as primarily deal oriented VDR provider which avail tools for tracking and organizing documents in addition to other processes of the deal process.
3- Citrix ShareFile
This VDR platform started as a secure document sharing platform that was intended to replace the overly technicalFTP sites. ShareFile integrates with other VDR vendors like DropBox, MicrosoftOneDrive, and Box etc. To enable businesses store and share files without losing their encryption keys in case they go for cross vender options. This proves to be useful especially where there is reliance of freemium services which are not usually not secure enough.
ShareFile is also limited in a sense when it is treated exclusively as a VDR. It is good enough to small to medium users or for bridging several cloud storage systems. It is however not practical for complicated projects or highly sensitive information.
4 – Merrill DataSite.
Merrill DataSite stands shoulder to shoulder alongside Intralinks as a big brand when it comes to thing Virtual Data Room. Merrill DataSite primarily handles business for large enterprises and pride themselves as being a global industry leader.
5- The company is known to charge top dollar for their services; so much for being a standard when it comes to high-profile deals. DataSite is also part of a larger financial services, content management and consulting company. Merrill therefore is ideal for a company that wants to outsource their information management while they focus on their work.
With all the Virtual Data Rooms in the market, it is important that you know how to shift through the chaff and find the nuggets. It is important that you know what to look out for when looking for the best data room providers.
Things to consider when looking for a Virtual Data Room.
It may not be quite easy as you may have been made to think. It isn’t hard either if you know what to look for. Here are some factors to guide you;
Ease of use. It is important to go for virtual data networks that have simple user interfaces and are designed for ease of use. Sophistication doesn’t translate to efficiency. It is important to look for software that will not give you a hard time.
Security. As a factor, security goes without saying. It can however not be overemphasized because there is sensitive and important information at stake here. You should look for a service provider that prioritizes and guarantees high levels of security. It is important therefore to know their contingency plans and what measures are put in place to protect your data.
Cost is very important. You want to be able to break even. Different companies have different pricing strategies. Be sure to look into each and settle one that suits the needs of your business or organizations.