Tips for Choosing Virtual Data Rooms for Storing Your Business Documents
Are you a business owner who is tired of a messy document management process and looking for a more efficient and secure system? Are you a small and medium-sized enterprise eyeing to adopt new technologies for your expansion plans? Here is some good news for you! There are various technology-driven products available for you, like the Virtual Data Rooms (VDRs).
VDRs are cloud-based repositories where authorized parties can access and share sensitive business documents via secure agent applications or a dedicated provider web site. Nowadays, VDRs are mainly utilized in business to facilitate the due diligence process during large transactions. Such business deals include loan syndication, venture capital, and mergers and acquisitions. During the procedure, interested parties can access data relating to the business in a secure environment. However, the uses of VDRs are evolving, and anybody who can afford them can own one.
Different Virtual Data Rooms Pricing Model
Various VDR providers have their pricing structure for their systems. Prices are mainly determined based on the volume of documents to be stored and the duration of the storage. The good news is, the fees charged by these vendors have significantly gone down due to the advancements in technology. Here are some of the pricing models in the market today:
- Flat Monthly Payments – Under this plan, VDR vendors charge flat monthly fees for an unlimited amount of stored data and the number of users. This model is ideal for users with a high volume of documents for continuous storage.
- Pay Per Storage Size – This model allows providers to establish a cost structure based on data room storage size or the number of gigabytes the customer uses. This option is ideal for users with low file volume to keep.
- Per-Page Payment – Under this plan, vendors charge users based on the pages of documents they store. It is recommended for customers with only a few files to keep.
- Per-User Payment – Under this structure, vendors calculate their fees based on the number of administrative users. Providers usually charge between $100 and $250 per authorized user.
Tips on Choosing the Right Virtual Data Rooms for Your Needs
If you are looking for a VDR platform, make sure that your provider meets your business requirements. There are already several vendors to choose from, so take the time to study their pricing models before choosing. Here are other things to consider when selecting a VDR:
- Data Management Capability – Make sure that your documents can be uploaded and downloaded quickly. Also, evaluate the platform’s editing, indexing, and searching capabilities.
- Safety and Security – Ensure that the VDR is safe and secure. Look for its data encryption level, authentication technology, document recovery capability, and data encryption level.
- Functionality and Analytics Capability – Choose a VDR that is easy and convenient to use with customer services like 24/7 chat, email, and phone usage. The VDR should also have an analytic capability for better decision making and integration.
- Software Compatibility – Ensure that the platform is compatible with your other business software like Salesforce and Microsoft Office for better functionality.
Proper document management is essential in ensuring smooth business operations. You must invest in new technologies like VDRs to improve your management platform. You can also leverage these technologies to gain a competitive advantage and boost business profitability.
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