5 Features to Consider when Choosing a Data Room Provider – LIFESTYLE BY PS icon

5 Features to Consider when Choosing a Data Room Provider


Data rooms have become preferable to other online file storage and sharing services. Companies are looking for better ways to store their confidential business and financial files. However, when looking for these corporate document storage and sharing options, one will find several data room providers interested in offering these solutions. Below are five features to consider when choosing the right data room provider.

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Security

Security is the most important factor in selecting a data room provider. This is because of the sensitivity of the documents that are to be stored. Some of the world’s leading data room services have 128-bit or 256-bit data encryption, two-factor authentication, audit logs, data backups, dynamic watermarks, different levels of access, the ability to allocate user permissions, and SAS certification. A business needs to look for a data room provider who offers the specific features important for the business.

Functionality

Work efficiency can be affected by complicated software and cause delays and frustrate the workforce. Virtual data rooms were hard to access and cumbersome, but usability and functionality have improved with the increase in providers. One needs to consider important features when selecting a data room provider that improves work efficiency, bulk uploads, drag and drop tools, web-based access, and automatic logging are some of them. One should also consider how fast it will take to implement, the length of time it will take to set up, and how long it will be up and running. It is best first to use a free trial to get the feel of the system.

Price

A business needs to look at a pricing structure that suits its business. Check for additional fees for users, features, and extra storage. The data room company should provide a full breakdown beyond the monthly fees and the subsequent fees once the first contract expires.

Customer Care and Technical Support

The type of support a company receives from the data room provider is important. Are they providing customer care, and does it cost more to have round-the-clock unlimited support? Since the business is securing its most important information, it should have unfettered access to somebody as fast as possible in case of a problem.

Client Reviews

Most distinguished data room providers will show a list of clients who have subscribed to their services on their website and the positive reviews they have given. However, many more websites provide an unbiased view of these data room providers’ reputation, pricing, functionality, and customer service. Find out what current users are saying. It is also important to request a reference before subscribing to a provider.

In sum, every virtual data room is different, and each provider has its priority. It is important for an individual looking for these services to do thorough research to find one that suits their needs. One needs to know that they have made a decision that will grow their business. They should not be afraid to ask important questions.