How to Select a Virtual Data Room for Your Industry

04 Sep How to Select a Virtual Data Room for Your Industry

A virtual dataroom (VDR) software platform permits secure sharing and collaboration of sensitive documents. Many companies utilize VDRs for critical business processes such as due diligence, mergers, fundraising and purchases.

While some VDR vendors claim to to help all industries, most vendors specialize in certain industries. To narrow down the selection companies should seek vendors that provide testimonials from their clients in their respective industries, as well as an explanation of the kinds of projects that their software can handle.

Legal firms employ VDRs for sharing confidential documents in business and litigation with lawyers, clients, and third parties. Real estate and property deals require a lot of documentation exchanged between interested parties and VDRs help streamline the process. Private equity and funds make use of VDRs to communicate with auditors, limited partners and management of portfolio companies.

Companies that are in the banking and financial services industry should look for a VDR provider that provides the ability to customize the user interface with multi-language support as well as integration with existing IT systems. They should also think about the types of documents and folders that they will need to share and keep. The vendor should also offer a variety models like per-page and per-storage and a flat monthly cost. Some vendors also offer a no-cost trial or tiered pricing get more structure that permits users to try out the service before signing up. A great VDR is easy-to-use and has an easy interface that incorporates robust features to meet the needs of different industries.