A Virtual Data Room: Making Your Final Decision
If you are interested in VDRs, perhaps, you have already checked what kind of options you have. Today, the market is full of decent offers and it makes the selection process even more complicated: how can you choose between two identically good data rooms? Eventually, you would pick one of them but how can you be sure that you made a right choice? To reduce the anxiety and to ensure yourself that the platform you’ve selected is exactly what you need you should follow the tips and recommendations on VDR selection. In fact, there are not that many criteria which you should take into account before labeling certain provider as reliable and decent. However, while choosing a virtual data room you must not only take into consideration positive traits of the platform but also spot the negative characteristics.
Things to Be Cautious About
There are a least 7 hints that might make you think that a room would disappoint you. The following list is not exhaustive but the aspects mentioned should be definitely taken into account:
- Unknown vendor The reputation is the factor that helps you to distinguish a really trustworthy provider. Even if two VDRs have identical features and prices you should pick the one characterized by the better feedback. The former users and experts are the ones to guide you and to help you to avoid unreliable providers. If there are no reviews on a room or if they are negative you should think twice before purchasing a subscription.
- Inappropriate level of functionality If a platform lacks certain features you need it is obvious that you would not be satisfied with a service. At the same time, an excessive number of tools offered is also inadequate – why do you have to pay for the functions you do not need? Hence, before you start looking for a data room, define which instruments you expect to get.
- Inconvenient interface If the room is hard to navigate or if the search tools are ineffective then you should choose another platform. The same is fair in a case when the design is unpleasant. It is not the best idea to exploit the VDR which irritates you or requires a lot of time to deal with.
- Limited accessibility The repository should be compatible with diverse operating systems (Mac and PC) and with gadgets based on iOS, Android, etc. You cannot be sure that all the project participants use the same type of devices and you do not need troubles caused by the inaccessibility of the room.
- Cheap price The cost of a VDR depends on multiple factors but if the characteristics of the room are more or less identical you may expect a similar price. In a case the price is significantly lower you should be cautious: you do not know which crucial features a vendor eliminated to reduce the cost.
- Lack of support If a support team is not available 24/7 you should better cooperate with another vendor. In some cases you need assistance immediately, otherwise, your project would be harmed. And if you cannot get an instant support you cannot be sure that data room would perform its functions flawlessly.
- No free trial Before purchasing a subscription you should test the platform and make sure that it is convenient for you. If a provider deprives you of such opportunity it looks suspicious. Perhaps, the room fails to meet all the promises given and the vendor does not want to disappoint a customer immediately. If you pay attention to these potential mistakes and if you treat them seriously you are likely to find a virtual room that satisfies your needs. Do not hesitate to clarify any questions you have to a vendor but do not be too picky: any service can have minor imperfections and you should decide which of them are acceptable and which you cannot comply with.