Virtual Data Room allows you to optimize management, create a flexible collaboration in which management exercises centralized control. In this article, we are going to analyze the best Data Room providers to test now.
The purpose of using Data Room
The demand and popularity of the implementation of automated business deals are due to the capabilities of modern virtual technologies. Trade and insurance companies, industrial and financial organizations are implementing cloud-based deal management solutions to gain full control over all processes, allocate resources point-wise, to integrate various IT solutions. The best VDRs (Virtual Data Rooms) are used to automate business processes in enterprises of different branches. The main goal of implementation is to increase productivity by reducing the number of “manual” operations, streamlining processes, and accumulating data. If earlier in companies the main attention was paid only to the operational and financial block, then after the implementation of the Data Room system, it is possible to automate the management and control over all components of a successful business – finance, supplies, procurement, personnel, customer relations, etc.
The advantages of implementing the best VDRs include:
- ease of use;
- customization as needed;
- data consolidation;
- timely receipt of data for making management decisions;
- transparency of end-to-end processes;
- saving finances and time;
- reducing the negative impact of the human factor;
- cost reduction with parallel profit growth;
- prompt response to any changes;
- improved service;
- increased information security.
The process engine at the heart of the Data Room system automates the setting of tasks, directs the process to the desired branch, and also collects and transmits data, providing access to them within the executable process.
How to compare Virtual Rooms?
The market for Data Room vendors is growing every year. Multimodular tools cover all enterprise resources, including small and medium businesses.
If we compare Virtual Rooms, we will see that providers differ greatly in the services they offer, their adaptability and usability, the price pattern, etc. They can be divided into two broad categories: traditional and modern. Note that there is a common misconception about services like Dropbox or Google Docs. While applications like these are useful for file sharing, they may not provide the same level of data security as VDRs. In addition, their functions are limited and do not include services required for negotiations, exams, etc.
Traditional VDR providers were specially developed for M&A transactions with large companies. The process of mergers and acquisitions involves due diligence on the exchange of large sensitive data, and in the past, it has been a rather lengthy process. The pioneering VDR providers were used for a more secure and faster exchange of data.
Thus, traditional electronic Data Room soft providers such as Intralinks and Datasite offer you tremendous opportunities along with fairly high prices. Their real downside might be their over-complexity. You may just not need most of its features!
We call a provider “modern” when it came onto the market over the past decade. The most popular names here are OneHub, SecureDocs, and Ansarada. They are a fine example of how VDRs have been technically improved over time. Their main advantage is a cheaper price. But that doesn’t mean modern VDRs are inferior to their predecessors. Conversely, the main features of a modern Data Room are a high-security standard and more than sufficient handiness. In addition, these VDRs differ in special features that may be essential for this or that special purpose. So you can choose exactly the VDR you need without excessive features and at a cheaper price.