Effectiveness is what every business owner wants. The more of it you get, the better you’ll feel about the money invested in your endeavor.
At the moment, you’re wondering what to look for in a virtual data room. The following will highlight these characteristics to make sure you’re working with the right virtual data room vendor.
The first characteristic of an effective virtual data room or VDR is that it’s easy to use. A complex VDR makes it harder for employees to work and use it. Every time you hire a new employee or work with a new client, you’ll have to spend valuable resources training them to understand your VDR.
This is not the way things should be. If your VDR promotes confusion for people, you should start questioning if this is the right choice for you. VDR experts, Firmex, points out that a virtual data room should not require too much training, thanks to an intuitive VDR user design. For example, you should see a drag-and-drop feature, which makes it easy to upload bulk files.
The system should automatically index the items uploaded so that they can be easily reviewed afterward. This little tool may not seem too important, but you can find it in other programs, so the chances of your employees understanding this is high. This is not the only feature you should see. Adding users and setting limitations should require just a few clicks.
Pristine Doc Control
A vital characteristic of an effective VDR is it will give you and your employees total document control. This is one of the most important features since your company will be sharing important documents with other employees, third parties, and customers. The material you’re going to be sharing is sensitive, so how this data is shared is pretty important.
You need to trust the VDR vendor’s ability to protect the documents your company is sharing, and to do that, you’ll want to pay attention to a few things. For example, your vendor should be using enterprise-grade security that’ll always be active beyond your internal IT team. The security measures must be active no matter where the data is accessed, be it on Windows, Macs, or a smartphone device.
Make sure your vendor offers tools like the ability to use watermarks on all shared documents. You don’t want your documents stolen, and a simple watermark will help with that goal. Hiding certain information is important at times, so look for the ability to redact. You should also be able to block access to documents no matter where you are.
Strong Monitoring Features
Protection is just one thing you want to see. A VDR that gives you more will providethe ability to monitor user activity. If you or your team can’t monitor user activity, then your data is not too secure, and it’s time to start looking for a new VDR provider.
You should be able to track who’s seen what, and you should be able to tell how long this person was viewing this data. Live alerts should be sent to you or the team members who are in charge of security. Access to this data should be easy so that you’re always on top of who’s doing what with your data. This is going to become more important as the list of folks who have access to your data grows.
One effective way a VDR does this is by tracking IP addresses and using good analytics. You’ll want to make sure your VDR has all this in place. Being able to track everyone and the way they interact with your data makes other things easier as well. For example, the auditing that companies have to do every so often will be easier, meaning compliance will be quicker to obtain.
Accelerated Doc Preparation
Changes to documents can be a real drag on any team, especially when the company you’re working with hasn’t done much to accelerate this process. Some VDR vendors do a lot to provide security but make simple administrative changes a total pain; the process can be a little clunky.
The last thing you want is to see your team waste hours trying to make a few changes to policies, permissions, or the overall organization of your data. The good thing is if you’ve noticed some of these issues, you could make a change. You need a VDR provider that has thought about this for you and has created tools that make bulk data changes easier.
If effectiveness is your goal, then the simplification of administrative tasks is paramount. What you want to do is ask the vendor that you’re considering what they’ve done to make administrative tasks easier. A quick demonstration should make it easy for you to see the difference.
The Integration Should be Easy
You’ve been working with your team for some time, and they’ve gotten used to the technology in place.
A good vendor will offer a VDR that requires minimal training but also integrates with existing technology. This ensures that employees adapt to this change quicker and more effectively. If the VDR you’ve been using is forcing you to change your business process, then you’re wasting time. Think of the VDR as a mold that needs to be flexible enough to integrate into the way your company does things and not the other way around.
You want to see things like the ability to use familiar widgets along with your VDR. Maybe a single sign-on feature that grants access to the VDR without much fuss though this is just one example. If you feel you need a new vendor, be sure you find out how the VDR vendor plans to integrate it into the way your company already does things.
True Professional VDR Support
No matter how many benefits a VDR can offer a business, it won’t mean much if you don’t have adequate support. You’ve been working long enough with your vendor to know if they’re giving you the support you need. One thing you want is 24/7 support, and that includes holidays because a good business deal can come at any time.
Sure, a good VDR is intuitive, but that doesn’t mean you won’t ever need any help. Think back to when your team was setting up the VDR, and remember if your team got the support they needed. A professional should answer questions regarding setup quickly. With big projects, a good vendor should offer a dedicated project manager that should make this part easier. A dedicated manager will know the project without you having to explain yourself over and over again.
The support should go beyond a simple file share but rather much more involved where tools like remote screen sharing are used by the experts. Knowing that your team is being supported by folks who get involved and make you feel like your business matters gives you peace of mind. If that’s not what you’re currently experiencing, then you need to make a change.
Hopefully, this information makes it easier to figure out if your company needs to find a new vendor. If you find out that it is time for a change, then make it fast. The longer you work with the wrong VDR, the more your company loses.