How to Select a Virtual Data Room for Your Industry

A virtual dataroom (VDR) software platform enables secure sharing and collaboration of sensitive documents. Many companies depend on VDRs to facilitate important business processes such as due diligence as well as mergers and acquisitions, and fundraising.

While certain VDR vendors claim to be able to support all industries, most vendors are specialized in their field. To narrow down the choices, companies should look for vendors that offer testimonials from their clients in their respective industries, as well as an explanation of the types of projects that their software can manage.

Legal firms rely on VDRs to share confidential documents with attorneys, clients and other third parties in business and litigation. VDRs streamline the process of exchange of documents between parties involved in real estate or immovable property transactions. Private equity funds and funds use VDRs to communicate with auditors, limited partners and portfolio company management.

Companies in the banking and financial services industry should search for a VDR provider that has a customizable UI with multi-language support as well as integration with existing IT systems. They should also consider the types of files and folders they will need to share and store. Additionally, the vendor should offer a variety in pricing models including per-storage and per-page as well as a fixed monthly cost. Some vendors also offer a free trial or price structure with a tiered structure that allows users to test the service prior to taking the plunge. Ultimately, a go to this Ultimate Guide to Data Room Set Up for Financial Reporting good VDR is easy to use and provides simple user interfaces with robust features that can meet the requirements of the diverse industries.