Understanding your company's business model and niche in the industry as well as the most common kind of deal you'll be negotiating is essential when choosing the best VDR provider. Once you have a clear understanding of these elements you'll be able to talk to VDR providers with a better idea of features that will aid in the process of negotiating and meet your needs.
Avoid VDRs that require users to download desktop software or plug-ins. These can slow the user experience, and even hinder potential buyers or partners from accessing the data room. These tools are also not compatible with certain systems and may hinder security measures since they create gaps between firewalls of corporate companies and the VDR.
Choose the VDR which can be used across a range of devices including desktops and mobile devices. This enables team members to work from anywhere in the world and can give stakeholders more flexibility. Additionally, modern VDRs allow for specific permission settings that can be applied to specific documents and files. Administrators can monitor file downloads, views and edits according to specific user profiles.
Search for the VDR that can search quickly documents and index them to ensure that the relevant information is found quickly. This feature is particularly beneficial when it comes to mergers and acquisitions in which many parties are required to review and evaluate a vast amount of documents. Also, make sure you select a vendor that has an impressive track record of uptime and excellent customer service. It is recommended to visit software review sites to read honest reviews about a vendor's uptime and reliability.