How to Select a Virtual Data Room for Your Industry

A virtual dataroom (VDR) software platform permits secure sharing and collaboration of sensitive documents. Many businesses use VDRs for important business processes, such as due diligence, mergers and fundraising and purchases.

While online data room services certain VDR providers boast about their ability to support all industries, the majority of vendors have a focus. To narrow down the selection companies should look for vendors that offer testimonials from customers in their specific industries and a clear explanation of the types of projects their software can handle.

Legal firms rely on VDRs to share privileged documents with attorneys, clients and other third parties in business and litigation. VDRs streamline the process of exchanging documents between parties involved in real estate and immovable properties deals. VDRs are used by private equity funds to communicate with their auditors, limited partners, and portfolio company management.

Companies that are in the banking and finance sector should look for an VDR with a flexible interface, multi-language support and integration with their existing IT systems. They should also consider the types of documents and folders that they will need to share and store. Finally, the vendor should offer a variety in pricing models like per-page and per-storage and a flat monthly cost. Some vendors offer a free trail or a tier pricing structure to allow users to test the service prior to committing. In the end, a reliable VDR is easy to use and combines an intuitive user interface with robust features that can meet the needs of the broadest range of industries.