Virtual data rooms aren’t all made to be equal, despite their immense value. Some virtual data rooms were created specifically for specific industries or transactions, like M&A due-diligence, whereas others offer a wide range of tools to help companies collaborate on a variety projects. Consider what you’d like to achieve using the virtual data room, the requirements of your sector, and the type of data you will be sharing.

When browsing VDR providers, you should look for a user-friendly interface and how easy it is to use on any device. If you’re planning on using it with team members who aren’t tech-savvy, ensure that the vendor offers features such as drag-and-drop upload and automatic indexing to accelerate the process of filling up the VDR. Be sure to inquire if the vendor offers 24/7 customer service and provides support in a variety of languages.

When comparing virtual datarooms you must also take into consideration whether the security implementations meet your expectations. Choose a provider who uses multiple layers of security to keep your documents secure, for instance SmartLock which allows you to deprive access to documents following they’ve been downloaded. It also includes redaction built-in, and DocuSign Integration.

If you search for providers and pricing plans, you should find one that is suitable for your needs. Some offer flat fees for administrators and quests, while some cost based on size of storage and have overage fees. You should also choose one that provides demos or trials for free, to test how data room providers are shaping the new business landscape the platform and decide whether it’s the right one for your project.