The choice of a virtual data space service isn’t an easy task. There are numerous vendors offering different features and price models. Some differences are minor, but others can have an impact on your project’s success.
For example, it is important to consider the capabilities of support offered by a vendor. If you require assistance with an urgent problem you should be certain that you can contact a live person right away and receive fast, helpful assistance. You should also ensure that the vendor provides complete reports and data analytics that offer you an extensive understanding of the activities in your document.
Another thing to look out for is a user-friendly design and advanced security features. You should be able to set group, user, and document permissions, and control access to documents even when users download them. Verify if the vendor has dynamic watermarks, IP lock, and the ability to revoke access to documents remotely even if those documents are already stored on the device.
Another factor to consider is a vendor appropriate for your industry and project. For instance, M&A virtual data rooms offer a range of options to simplify due diligence procedures and facilitate the process of making deals. Virtual datarooms for real estate in contrast, are designed to meet the unique requirements for file compatibility of real estate buyers or sellers. This is why a lot of real estate VDRs include checklists and templates to assist users with their due diligence processes.