As information technology becomes a vitally important part of businesses in every industry, more and more organizations are turning to virtual data rooms to help them meet their IT needs.
Setting up a virtual data room can be a tremendous boon to a growing organization; it centralizes all of the company’s vital data and records in a secure, convenient location. Having a strong virtual data room is a significant asset, especially when it comes to keeping your most important information protected during major business deals, acquisitions, and mergers. A tool as important as this deserves careful consideration!
There are many different service providers who can help you set up a data room. You need to make a careful study of both the different options available to you and your own organization’s needs. It’s true that this can be a thankless task when you first examine it, but in the long run you really want to be working with a provider who delivers the best possible value and service. These data room reviews from Merger Tech as well as the guide below should help.
Here’s most important points that you should weigh when you’re choosing a virtual data room.
Because the entire premise of a virtual data room involves entrusting your company’s most sensitive data to a third party, the security of that data ought to be paramount in your thoughts. A proper data room will end up being the repository of an enormous amount of vital information that must be protected from unauthorized access at all times. Look for service providers who have invested significantly in data security systems and maintain active plans for monitoring and improving the security of their clients’ data. You should consider basic security standards like SOC 2 Compliance, HIPAA, 2-factor authentication, and individually customizable DRM to be essential.
Make absolutely certain you understand the infrastructure needs of the service being offered to you before you make your final selection. Different virtual data room solutions require different software and hardware, and meeting your needs might call for specialized applications or impose certain restrictions on how you access your data in the future. Confirm carefully that your provider’s solutions will comply in every detail with your own organization’s needs for data accessibility.
3) Fast Setup
Besides keeping your data safe, a data room is also supposed to make it more convenient and accessible. This means that a competent provider should be able to bring your organization quickly and smoothly up to speed as soon as you commit to an ongoing relationship. It can be difficult to judge in advance how quickly a provider is going to be able to integrate your new data room with your existing IT infrastructure; try to work with providers who can show you a firm schedule and stick to it. You’ll also want to have a dedicated point of contact (e.g. an account manager) who will take responsibility for every phase of the onboarding process. Don’t forget that your provider’s responsibilities include training the members of your team in how to use your new virtual data room.
4) Live Demo
Seeing is believing when it comes to information technology. Most virtual data room providers will have a demo or a trial version of their services to offer you. Use this opportunity to get a first-hand look at exactly how the data room will work. You should also have someone on your team check the demo for potential pitfalls like downtime, server errors, and other impediments to data access.
5) Good Support
If you end up choosing between two providers whose services are roughly equal, let customer service be the deciding factor. It’s virtually certain that you will, sooner or later, need help changing or fixing your data room. A provider that offers robust and comprehensive tech support will be a lot easier to work with than one that doesn’t.
Moving your organization’s information through a virtual data room is a great way to make it more secure while also improving your team’s efficiency. If you’re ready to start shopping for data room services, keep this advice in mind.