Cloud Sharing is gaining popularity recently
When virtual data rooms emerged a few decades ago, it became the point of no return for deal-makers worldwide. From now on, everything can be done online and the need for business trips, negotiations, and face-to-face meetings has almost vanished. No one will waste time and money on the activities that can be successfully performed in a virtual space. Hence, VDRs have become a service that altered the traditional ways of business conduct and forced the deal-making to move to virtual venues.
Previously, physical data rooms were utilized for data storage and exchange. However, by now they have become outdated as they cannot provide businessmen with the same level of security, accessibility, and functionality as best data rooms do. Moreover, one virtual platform can substitute a few land-based repositories as one VDR can be exploited for multiple projects concurrently: as all the users can be segregated into permission groups it is the room administrator who decides which files would be disclosed to which groups. Apparently, in a case of PDR such functionality was simply impossible.
Advantages offered by virtual platforms make them popular among deal-makers: all the conscious and ambitious businessmen understand that without a virtual platform they will lose a lot of opportunities and won’t be able to compete with those who utilize VDRs. Hence, more and more providers emerge on the market to offer their services. Currently, there are numerous vendors and for a potential customer it might be challenging to select the right VDR partner. Therefore, it is advisable to follow a few simple steps and recommendations that will simply the selection process.
• get acquainted with the market offer: you have to be aware of the most reputable and well-known providers, as well as of the brand new companies;
• read expert reviews, former and current customers’ feedback, join deal-making forums in order to discuss available platforms and to find out how successfully vendors meet the promises given and what kind of expertise they possess;
• investigate a security system inherent to the platform: a good VDR has to be protected on multiple levels and to be equipped with such tools as data encryption, dynamic watermarks, firewalls and virus scanning, two-step user verification, regular backups, “fence view” option preventing camera-based attacks, etc.
• pay attention to other functions offered by each vendor: a good provider equips its data rooms with activity tracking and audit logs options, Q&A section, digital rights management, advanced search and filtering tools, a mobile application, etc.
• make sure the selected vendor guarantees 24/7 support and provides personal training upon request – it will help you and your partners to find out what a VDR can offer and how to utilize the options available;
• determine the level of functionality you need in order to complete your project successfully: it is unreasonable to pay extra money for the features you are not going to use;
• use free trial versions of a few most attractive platforms before purchasing the service: you have to make sure that the room meets all of your expectations and the price for the room is reasonable;
• compare the platforms and select the one that provides you with all the features you need.
The tips mentioned will help you to familiarize yourself with the platforms available, to determine your own needs and to find a vendor that will help you to complete your projects successfully. The easiest way to avoid pitfalls and to choose the right VDR partner is to start selection process from the most reputable and well-known vendors.
iDeals is one of the most experienced providers operating on the market. It assists deal-makers worldwide for more than eight years and gained its place on the list of top-10 vendors. iDeals does not only offer the full scope of standard options – it also equips its rooms with advanced and unique features that simplify the most cumbersome and demanding deals. Therefore, representatives of investment banking, real estate, private equity firms, biotech licensing, accounting, fundraising, clinical studies, and other industries trust iDeals and cooperate with the company on a regular basis. Also, iDeals provides its clients with a few pricing models that allow them to choose the one that corresponds with the goals and resources of the project.