While most if not all data room providers share the same characteristics, there are very important attributes that separate one online data room from another. For your convenience, we created a virtual data room comparison so that you can choose the best one that fits your needs. When shopping around for an online data room provider, it is important to take into account your business objectives and how easily a certain electronic data room will allow you to reach those objectives. The most common uses for an online data room are for conducting audits, due diligence and handling M&A transactions.
There are data room providers out there that specialize in each individual business area and will therefore come will all of the tools necessary to facilitate those business needs. However, in this data room review, you will come across some data rooms that offer a wide range of services that can be adapted to almost any business area. Be sure to compare and contrast the range of services that such data room offer since you may realize that a certain small feature is absolutely necessary, but only a select few providers offer such a feature.
focused on best solution
Important business tasks and processes, such as audits, due diligence, merging and acquisition, and fundraising require managing hundreds of documents. Imagine how much paperwork should be done for that! It’s time-consuming, expensive, and not 100% safe.
However, there’s a great alternative called “online data room”. Using a virtual data room you can store all your business materials in a single environment and have access to it anywhere, anytime. Besides, all authorized users will also be able to view and download the files from the cloud – you decide upon the access rights.
To ensure that your M&A due diligence and other mission-critical tasks will be performed flawlessly, you need to pick up the most suitable data room providers for your business. It can be a challenging task, especially if you didn’t work with a secure data room previously.
Here are some pro tips and guidelines for making an informed decision:
What about the price of service? In fact, it shouldn’t be the most important part of your virtual data room comparison. Top-rated data room solutions always come for a high price, but the convenience and safety make up for it. There’s one thing to take into consideration: if you want to provide access to a few users (say, up to 20-30 people), choose a per-month per-user model. Otherwise, paying some $100-300 per month wouldn’t be too much, if you want the secure virtual data room to be exploited by hundreds of people.
Don’t forget to read virtual data room reviews – it will give you a closer look at the strong and weak sides of each provider. Ideally, you need to find feedbacks on independent platforms rather than companies’ official websites (Capterra and Technology hub are highly recommended). Don’t hesitate to contact the company’s customer support directly and find out whether their assistants are friendly and competent.
When in search of a suitable provider, you should keep in mind that security is always the primary concern. Why? Keeping your data away from malicious users and rivals is vital. What if business
documents get in wrong hands? You can’t allow having your confidential data compromised. This is why using a secure virtual data room is imperative, no matter what your business specializes in.
First and foremost, you should pay attention to the following data room services:
With a trustworthy data room, due diligence process becomes way more secure and trouble-free.
With the best data room software, you can overcome every single challenge your business faces during audits and transactions. This is a far easier solution than manual work with business documents and use of mail services. Let’s observe a few use cases to prove that.
Suppose, your company needs to perform document audit for due diligence. That means you have to find hundreds of documents (financial and technical reports, information about employees, contracts, and agreements, etc) and, probably, send them via mail to the companies checking your business. That takes boatloads of time, money, and efforts. But order a data room, upload all these files in digital formats, and share them. That will take much less time, and thanks to the tracking function, you can make sure that the third parties have actually seen your files.
That goes without mentioning convenience for your partners and companies performing audits. You want your business to look professional and reliable – this is what the data room allows for.
Using such service for audits and due diligence not only means that you can store and share your files. It can appear to be a perfect ecosystem for collaboration. Advanced data rooms, such as iDeals, SecureDocs and Ansarada, provide the whole gamut of tools and features for co-working. Your employees will be able to edit files and have them synchronized in real time. That eliminates the risk of mistakes and boosts the efficiency of the entire team.
The same applies to the cases when your company organizes an ICO or fundraising. With a reliable data room, you can store all necessary documents in a single space and have them accessed by your potential investors and partners. That makes your company look professional and shows your responsible approach to data handling.
The most advanced M&A Singapore data rooms will help your business to facilitate work with documents and make storage as reliable as never before. This is the most cost-efficient solution for handling confidential information without hurting security and convenience.
