How to compare data rooms from the best providers?

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Information flows are a critical resource for any organization. The introduction of a virtual data room solves traditional document management problems and provides additional benefits to the organization. Here is more about it.

How to work in a virtual data room?

Security and compliance are top priorities for businesses of all sizes, and risks are highest for large business organizations that need to reassure customers, business partners, and shareholders. Modern companies are looking for new digital solutions to organize a secure working environment. Virtual data room software is one of them. The system offers controlled access to confidential data. However, to enable simple and secure collaboration, the requirements for a virtual data room go far beyond the encrypted transmission and storage of information. In the context of secure content collaboration, it is essential to be able to view confidential documents and be able to edit them. It is possible with confidential computing at the server level.

It is a cloud-based digital platform that ensures secure data storage and helpful tools for secure collaboration. Moreover, in the global sense, the data room is the best basis for the formation of standards and algorithms, according to which all business processes in the company proceed at various levels. Thus, the electronic document management system ceases to be just a part of office work or document exchange but becomes an essential component of the business system, responsible for how efficiently company employees use information.

How to compare the best data room providers: five main criteria

There are many data room vendors on the market. However, there are a few things to consider when making your selection. Before deciding, the certifications and security ratings of potential service providers should be examined carefully. There are also countless criteria to compare data rooms since each industry has its specifics. Let’s talk about the five criteria considered universal for all sectors. They are as follows: 

  1. Convenient interface

The user interface is the primary tool for the interaction of company employees with the system. How convenient it is depends on the time for training employees to work with the data room, the number of errors in the future, and the time spent on correcting them.

  1. Access rights control

As a rule, documents in the company have different levels of confidentiality – from public to super-secret, which contain financial and other important information. The data room should provide the ability to configure roles and access levels for individuals and groups, such as departments.

  1. Ability to work together

The larger the company, the lower the likelihood that only one person will work on the document. Collaboration simplifies and speeds up the creation of essential documents and their approval by management.

  1. Creation of an auto-updating archive.

The average retention period for an essential document in a company is three years. The most important documents can be stored indefinitely. To perform this function, the data room must provide the ability to create an archive, set up personalized access to it, and automatically create a backup copy after a specified time.

  1. Remote access

Setting up external access is a separate, rather complicated task for system administrators. But without its implementation, it is impossible to set up remote work for employees, which in times of a pandemic eliminates the benefits of implementing the data room.