How To Perform an Effective Virtual Data Room Review

Buying a virtual data room is very responsible because the correctness of your choice will depend on the further success of your transactions and the efficiency of the work processes. Choosing only well-known brands or the cheapest options is not the solution, it can lead to many negative consequences. To make a really good choice, it is worth conducting a thorough analysis and taking into account many factors, and in this article, we offer you a look at the key points that will help you evaluate your VDR options soberly and make a wise decision.

Determine your needs

Among the thousands of VDR solution offerings, not everyone may be right for a particular industry or company. Some providers specialize in certain processes but don’t provide others, focusing on one thing or the other, while some provide an outdated interface with irrelevant features. It’s important to keep this in mind as you review and choose your provider, and below we’ll provide a couple of questions to guide you during this process:

  • How long are you going to use VDRs and how many projects are you counting on?

Determining the approximate number of transactions you plan to do in the next year will help you understand your approximate cost of maintaining VDRs. Will it be a one-time transaction or will you need an annual subscription? If there is more than one transaction, the annual subscription option seems more cost-effective.

  • How many documents will be stored in the VDR?

The more documents you upload, the more storage space you will need, and the higher the price will be. If your project requires a large volume of documents, it will also require advanced organizational features that can simplify the whole process and make it more efficient. You will also need a VDR with robust security and data leak protection features for document storage.

Do your research

Once you’ve determined your basic requirements for a VDR vendor you can move on to researching different offerings. Below we outline the main points to consider during this investigation, which will contribute to a more practical approach to this case, and will play to your advantage:

  • Choose a group of suppliers, and start researching them, gradually weeding out the ones that don’t fit your requirements
  • Collaboration of company management is a common practice that can also help with this case. Ask your consultants what recommendations they can give and how they argue
  • From the consultant’s side, it’s worth noting that you can’t recommend a data room to your client just because you’ve had experience with it once before. Every company is unique, and you should understand and differentiate between features that would help your current client more
  • Make sure your VDR provider is up-to-date, making sure they only provide a quality, modern interface, responsive customer service, and simple and effective features. This will save you time and increase your company’s productivity

How to spot fake virtual data room reviews

When reading various data room reviews, don’t rule out the possibility of encountering a fake review or review, especially if it was written from an unverified source. It’s important to learn how to distinguish real reviews from fake ones to fairly evaluate VDRs.

You can recognize a fake review by the following signs:

  • A very biased writing style, either extremely positive or negative, with no golden mean or critical perspective
  • Similar structure of several sites, usually of low quality, which favors the same provider
  • Reviews constantly repeat the same information and have similar wording
  • Reviews from real users will only be from trusted users