How to Compare Virtual Data Room Providers?

Virtual data rooms have become the standard for accounting, analyzing the work of sales departments of goods and services. Here are basic recommendations on how to compare several software options. 

How does a virtual data room change the business environment?

The development of modern business is accompanied by the need to track interaction with customers and ensure efficient deal management. However, manual control of these processes takes a lot of time and energy and leads to a slowdown in business, a decrease in its effectiveness, and profitability. Thus, most business entities use virtual data rooms to organize efficient business transactions. 

Currently, most organizations are trying to implement such software systems that provide not only the means of generating electronic files and version control but also have a wide range of opportunities for distributing documents and information throughout the organization, content and knowledge management tools based on web technologies, provide support for document-oriented business processes. 

A data room management system is a flexible automation solution that provides electronic document management, order execution control, deal management, customer interaction, collaboration with contractors, video conferencing, and displaying information on the calendar and statistics panels. The system effectively solves problems within a small structure, such as an office, department, department, or local organization, and within a geographically distributed organization with a complex information flow scheme.

There are many data room providers in the IT market. However, it is difficult to understand this diversity at once for several reasons:

    • Firstly, the data rooms of a new generation have even more advanced functionality and broader capabilities: now, they provide such opportunities that are not available in paper office work.  
    • Secondly, an even more difficult task is facing the buyer of the data room – these broad possibilities need to be compared with each other, and try to “try on” them for your organization.

Functional comparison of data room solutions: key points

The software solutions provide managers accurate data for managerial decisions, an objective picture for marketers and other departments, and reduce the amount of routine work. The company owner can only choose the best option, making it easier to automate business transactions. So, there are the following core points to consider for comparing data room vendors:

    • Convenience and friendliness of the interface. The simplicity and ergonomics of the interface have a positive effect on the speed of mastering programs and the productivity of employees. If the system is easy to understand, the specialist will be more loyal to innovations in business automation.
    • Internal communications. Ideally, the data room allows you to create a single space for communication and transfer all communications from instant messengers. There is a minimum of tabs and open programs and maximum comfort in discussing work issues. Prompt informing about the decisions made, tracking the reaction to publications, group calls, and video meetings – if one system allows you to do all this, why use several?
    • Deal statuses. Create new or edit existing stages of working with a client for your business. You can create a quick deal without filling in the fields. All completed transactions are stored in the account. You can sort by the transaction results and return to work.
    • Sales pipeline. You can add deals to your pipeline and upload and view your contact list. In the settings, you can automatically create deal fields, indicate who is responsible for the deal, and where to place new deals with integrations.
    • Security measures. The data room excludes unauthorized actions that could adversely affect the security of personal data. The common security measure includes data encryption, digital watermarks, control data access, electronic signature, and two-factor authentication.