Data rooms are vital for safely storing and managing sensitive information during M&A deals and due diligence, fundraising and other high-risk actions. They can also boost the efficiency of a company by allowing document review in a safe, organized environment. But with so many physical and virtual options it can be a challenge to choose the best one to meet your needs.
The first thing to take into consideration is security. What option is the best one to meet the legal requirements and provide the protections necessary to safeguard confidential data? Find a data room that provides robust encryption protocols, multi-factor authentication, and solutions for data backup and recovery. It should also provide watermarking, user-specific permissions, customizable and other features that assist in limiting access to specific documents or the entire room.
Another aspect to consider is accessibility: how easy is it for users to collaborate and review documents? Compare the time and resources required for document management access, collaboration, and access to determine which option increases efficiency. Examine the upfront and ongoing costs in order to determine which option is the most economical.
Choose a vendor that offers transparent pricing structures, that includes training, support setup, configuration and training. This will ensure that you have all the tools needed to make a successful deal. With these factors in mind, you can find the right data room for your confidential information. Learn more about these options for digital storage by reading our article on the benefits of a dataroom.