Comparing The Top 10 Data Room Service Provider Platforms
Compare the most popular virtual data rooms to make sure you choose the best one in price and quality.
Virtual data rooms (VDRs) are very important business solutions that are used in the most modern projects and companies. Economists, lawyers, investors, private entrepreneurs, and professionals in other industries use the advantages of data room software to store and manage business-critical files and documents. The most important task is to choose a reliable supplier of data room services because the privacy of important business information depends on it.
Virtual data room (VDR)
A virtual data room (VDR) is one of the most secure online data storage, which is used for the convenience of doing business, namely: storing and distributing various data used with strict control of confidentiality.
Online data rooms are used in many areas: information technology and telecommunications, biotechnology, investment and banking, accounting, government affairs, energy, brokerage, and other business.
They are guaranteed to have many advantages over simple physical data storage, such as:
- 24/7 access to data from any convenient device and from anywhere in the world;
- cost-effectiveness;
- efficiency;
- security of data management.
Online data rooms are used in many areas: information technology and telecommunications, biotechnology, investment and banking, accounting, government affairs, energy, brokerage, and other business.
Hard or Easy Choice: Best Virtual Data Room Provider
Before searching how to set up data room, find the best software provider. The most common features of electronic data rooms are provided below to help users navigate the current offer.
Standard Features of Virtual Data Room Providers:
Archiving
A provider of online data room software will allow you to quickly save and access all past records in the future. It is useful for linking to previous corporate transactions, accessing various historical data, and streamlining management.
Activity tracking tool
Online data rooms offer to peek activity reports that help you access each file and see the changes that have been made. It helps to monitor online content security activities. Also, managers can check reports in a convenient viewer, share them with colleagues also in a confidential manner, and print the information.
Using watermarks
Adding watermarks to finished documents is a great approach for VDR vendors to avoid and limit unwanted duplication and the sale or exchange of sensitive data. A dynamic watermark makes it impossible to distribute a file without permission, which is a huge plus and a security key.
Setting Permissions
Logical and clear access customization is another versatile feature that virtual data room providers offer to their corporate clients. Administrators can set permissions for individual document forms and entire segments of the data room platform.
Branding
Add corporate branding when using an electronic data room. It is a very common business decision.
Reports and analytics
Analytics and reporting are the keys to keeping track of the speed of the transaction and protecting its confidentiality right on the online platform, which definitely makes the work safer.
Methodology for Comparing Virtual Data Rooms
To compare virtual data rooms, take into account not only the number of features presented by the provider but also various experiences gained in the process of interacting with real users – their feedback and comments about the long-term data storage conditions from our site and external resources.
For data room comparison, several factors are taken into account, such as: managing all files and folders, protecting sensitive data and managing important digital rights, ease of use, platform customization, support, and various services. Thus, the list of the best VDRs for large corporations, and medium and small businesses is widely used.
Top 10 Virtual Data Room Providers
Absolutely not all customers are ready to allocate money from their pocket for data storage, but some companies really need to use reliable and secure cost-effective cloud storage solutions to ensure the security of corporate data and the confidentiality of information.
After analyzing some virtual data rooms, you can see a comparison:
- DealRoom (Suitable for – M&A, Corporate Development; Free trial- Yes. 14 days; Price – $1250/mon annually);
- FirmRoom (Suitable for – Small and Medium businesses; Free trial- Yes. 30 days; Price – $500/mon annually );
- Intralinks (Suitable for – Large Business, Free-trial- No; Price – $$$$);
- Fordata (Suitable for – Small and Medium businesses; Free trial- Yes. 14 days; Price – $$);
- Merril (Suitable for – Medium and Large businesses; Free-trial- No; Price – $$$);
- SecureDocs (Suitable for – Small and Medium businesses; Free trial- Yes. 14 days; Price – $$);
- ShareFile (Suitable for – Small businesses; Free trial- Yes. 30 days; Price – $);
- Caplinked (Suitable for – Small businesses; Free trial- Yes. 14 days; Price – $$).
- Ansarada (Suitable for – Small business; Free-trial- No; Price – $);
- Drooms (Suitable for – Medium and Large businesses; Free trial- 14 days; Price – $$$).
Summing up
VDRs provide you with an online platform that allows you to not only store data and information, but also communicate, delegate tasks to employees, and track project progress. No other software can offer this combination of collaboration and security. As difficult as it may be to choose the right software for you, always analyze the functions of virtual data rooms, reviews and comments from users, as well as ready-made ratings. This will make your job much easier and you will quickly decide.