Dos And Don’ts Of Using Virtual Data Rooms

During the last few decades, the business realm has changed noticeably. Rapid dissemination of the access to the Internet forced deal-makers to take business affairs from face-to-face meetings to virtual venues. A company that wanted to remain competitive on the market could not afford to ignore innovations: to adjust to the new requirements business-makers had to go digital. Such situation has numerous benefits for the deal-making in general: execution of deals online resulted in cost and time savings, in more convenient and secure data sharing, in growing cooperation between geographically remote partners.

The core service that enabled pervasive digitalization of the deal-making was a VDR – a virtual data room – online data repository accessible 24/7 worldwide, protected by a complex security system and enhanced with diverse functions that speed up and facilitate business conduct. VDRs belong to comparatively new technologies but they have already managed to gain popularity and reputation: deal-makers worldwide utilize virtual data rooms and execute transactions and projects.

The growing popularity of VDRs explains the growing supply observable on the market: more and more vendors offer their services. Thus, having a rather wide choice and keeping in mind all the advantages that a decent data room can bring a deal-maker is seduced to purchase a VDR package as soon as possible. However, it is crucial to remember that s virtual data room, as well as any other service, has not only positive traits but also some drawbacks.

High price

VDRs are usually more expensive than similar to them cloud storages which also are online repositories which can be utilized for data sharing. Virtual data rooms differ from cloud storages in terms of data protection and functions available but also differ in price. Hence, if the one does not need to share extremely confidential data and does not expect the room to perform functions of sophisticated deal-making venue then there is no need to pay a higher price.

“Wrong” choice

As there are many vendors on the market the one has a lot of options. A seduction to choose a cheaper platform always remains, especially taking into account the fact that VDRs are pretty expensive in general. However, a lower price might mean a lower quality of services offered. It might not be harmful and might not affect the company’s performance but a risk of data theft and leakage increases. Thus, there is a chance to choose a wrong vendor and to put the corporate documents under the threat.

Lack of features

Usually, VDRs are equipped with a standard set of functions that should satisfy all the basic requirements of the client. In addition, providers often offer advanced and unique options that enhance the performance of a data room. But the vendors vary in their corporate policies and some might offer not full-service packages in cheaper subscriptions.

Only paid subscription

To select a decent and proper virtual platform the one has to try a few of them and to choose the one that meets all the project needs and requirements. But some providers offer only paid subscriptions. It leads to growing expenditures on trial versions or to superficial market exploration when a deal-maker decides to skip testing the paid versions and concentrates only on free trials.

Thus, virtual data rooms also have certain pitfalls. However, is a deal-maker is serious about the business and the data security none of the drawbacks mentioned can prevent him from finding and purchasing the right VDR with right functions and for the right price. iDeals is one of the top-10 vendors on the market and it combines high functionality with high security and reasonable price. Its virtual data rooms are equipped with the complex security system (data encryption, dynamic watermarks, “fence view” option, multi-level user verification, activity tracking, etc.) and with the simple and user-friendly interface (available in multiple languages, enhanced with advanced search and uploading systems, integrated with Microsoft Office). iDeals also customizes its data rooms according to its clients’ wishes and demands. Hence, exploitation of VDRs by iDeals guarantees security and convenience of deal execution.

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