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How to Choose Virtual Data Room Software

Choosing online data room software is an uphill task for the management.

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An electronic data room is not just an expense; it is more like an investment. It will affect your business operations one way or another. If you get a good one, it will boost the productivity of your team, save a lot of time, and whatnot. 

On the contrary, if the management gets it wrong, it will be a massive waste of financial resources. So, there is absolutely no doubt that choosing the right data room services holds the key to the successful management and storage of your vital business documents. 

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However, the question is how to compare virtual data rooms and choose the one that suits your organization. If you are searching for the answer to this exact question, then this article is a must-read for you. Why? Because we have prepared a step-by-step guide to virtual data rooms selection.

The right way to choose virtual data room software

Now, what follows next are not just random tips. Rather it is a complete process with multiple steps.  Let’s start!

1. Make sure you know what exactly you need

First things first, you must know the purpose behind buying online data room software for your setup. You just cannot find the best data room providers without even knowing what you need. This is a stage where you have to ascertain two things.

  • What are your business needs, or what business purpose do you want to achieve with a VDR?
  • Is your workforce ready to embrace this new tech? Or, do they have enough tech-related skills? 

What is the purpose of buying a VDR software when you don’t even know if your employees can easily switch to it? Do you want a data room just for document storage? 

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Here are some questions that need your special attention.

  1. How much storage is needed?
  2. How much burden can your financial resources bear? Your budget?
  3. Will your employees easily switch to a VDR, or do they need special training? 
  4. Do you want to buy VDR software just for data storage? 
  5. How will virtual data room software boost your business operations? Is it even worth it?

2. Make a list of your desired virtual data room software features

When you know why you need online data room software, the next step is to make a list of your desired features. We are talking about features that will help you achieve your organizational goals with a VDR. 

For instance, let’s say you just need a virtual storage place for your documents. Now, you will look for a basic version of an electronic data room. As per the nature of your business, you may also need more features, such as:

  • Permission settings: who can or cannot access the documents; access limitations.
  • Audit Logs/Analytics: keeping an eye on user activity, documents, files, etc.
  • Document management: setting due dates, adding comments or notes to docs, etc.
  • Security: making sure your documents are reliably protected.
  • Customer support: getting professional help whenever it is needed.
  • Q&A Feature: communicating inside the online data room software without having to switch to a different solution.

3. Consider different pricing options

Here comes the most crucial step in the process. Everything just boils down to this, “how much is your budget for a VDR software?” Can you pay for your desired features in the VDR? Setting your budget will help you move in the right direction. Honestly, virtual data rooms are quite a budget-friendly option. In fact, different data room services offer flexible pricing models. 

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Virtual data rooms’ pricing models are generally based on the following elements:

  • Number of available features
  • Total number of documents/pages, aka per-page pricing
  • Flat rate
  • Storage size
  • Number of users who will have access to the VDR

4. Compare virtual data rooms

Alright, you have defined your:

  • Needs
  • Desired features
  • And budget

It is time to start hunting some of the best data room providers. Well, you can search around or use Google to narrow your search. Visit their websites and compare their prices and features. 

5. Check out the reviews about different virtual data room software sellers

If you know someone who is already using VDR software, get their opinion. Apart from that, you can also read customer reviews about any VDR seller on the internet. However, the problem is, service providers can easily “purchase” reviews, i.e., fake reviews. Still, here is the good news; service providers can buy fake reviews, but you can use neutral websites or third parties such as G2, Trustradius, SoftwareAdvice, Dataroom Providers, Capterra, etc. 

Here are some pro tips to spot a fake review:

  • Five-star reviews are mostly bogus.
  • Fake reviews often have spelling or grammar mistakes. 
  • Customers’ reviews about the VDR software as well as the service provider are usually the most legitimate.

6. Knock at multiple doors: Contact with different VDR sellers

Yes, the reviews are helpful, but you can get into the action as well. You can contact multiple VDR sellers to ask about their pricing models, different features, customer support mechanism, etc. 

You can either visit their website or contact their representatives directly over the phone or online chat. Good service providers have strong customer support, and they respond timely. Besides, it is an indication of what you should expect in the future. Most importantly, always look for industry-specific data room services.

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7. Ask the seller for a free trial

Highly reputed virtual data room service providers often provide free trials. You can always ask for free trials and get some practical experience of what you will be handling in the future. However, keep these two things in mind;

  • Test the online data room software for yourself, and
  • Make sure your employees are also comfortable with it.

Conclusion

Choosing virtual data rooms for your organization is vital. Make sure you have done your research, know what exactly you need, look out for budget-friendly options, and always ask for free trials. If you can follow these steps, the results can be a lot better. Consider it as an investment and not an expense.

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