Starting a new business is always exciting, but it requires a lot of critical thinking, planning and fund management. As startups go digital, it is very important to choose the right virtual platforms, such as data room software, to streamline your business processes.

Virtual data rooms help you streamline your data management system and can serve as a virtual workplace. But can you trust all the data room providers on the market? Choosing the right data room software is very important if you want to get what you really want from VDR software.

If you’re having trouble deciding what kind of digital data room you need for your business, this guide can help you make a better decision.

What should you look for in data room software?

What you want in an electronic data room is up to you. However, here is what you should look for in a data room.

  1. The fundamental purpose of a data room is to simplify things, not complicate them. Choose an easy-to-use data room and your employees will be able to navigate it easily.
  2. Look for a vendor that helps you set up the data room or at least provides easy-to-understand tutorials on setting up and using the data room.
  3. Audit logs or monitoring tools are a must-have feature for any data room. A virtual data room that doesn’t let you keep track of everything is just useless.
  4. Never compromise on the security of your data room. Data room software helps you protect your business data, and for this it is necessary to use certified data room services. Always look for certified providers who adhere to international data security standards.
  5. A virtual data room is only as good as its customer support service. You may encounter difficulties in operating a data room, and only a solid customer support service can help you.
  6. Last but not least, always compare multiple data rooms based on their features, customer support, pricing plans, and customer reviews.

Top 5 Virtual Data Room Providers

1. Intralinks Data Room

Intralinks data rooms are generally suitable for medium to large businesses, but their flexible pricing plans make them a good choice for startups. According to online reviews, an Intralinks VDR subscription starts at $25/user/monthand they offer a 30 day free trial.

In addition to being a secure data repository, Intralinks data rooms are AI-powered. They have an intuitive user interface (ease of use) and useful features likee auto-indexing, digital watermark, document management, tender management, content library, version controletc

Intralinks has a multi-dimensional customer support service and data rooms can be deployed on multiple operating systems including Windows, Linux, Android and iOS.

2. ideals

iDeals Virtual Data Rooms are best suited for small, medium and large businesses. In other words, iDeals is a versatile tool that can meet the needs of any type of business. Just like Intralinks data room services, iDeals also offers a 30 day free trial and has three standard rate plans.

What differentiates iDeals from other data room services is their strong customer support service. The company goes the extra mile to incorporate customer feedback into its solutions. In addition to basic to standard data room features, iDeals data rooms are available in 14 languages, offers unlimited data storage and supports 25 file formats. Most importantly, iDeals is deployable on all popular operating systems including iOS, Linux, Windows, Android, and Mac.

3. Box

If you are starting and running your business on a small scale, Box Data Rooms may be the solution you need. Indeed, this data room service has several tariff plans for individuals, small businesses and enterprises.

Box’s enterprise pricing plans start with $5 to $25/user/month. Additionally, Box also offers a 30 day trial. Speaking of features, Box comes with features like auto-expiration, mobile security controls, branding and data loss protection.

Box data rooms support Windows, Windows Phone, Android and iOS and offer unlimited storage.

4. Ansarada

Ansarada virtual data rooms are very effective for telecommuters, enterprises and small and medium enterprises. The company offers three standard pricing plans; you can get more details from their official website.

Ansarada Data Rooms are powered by AI and offer convenient basic and advanced features such as electronic signatures, secure file viewer, minutes management, calendar management, audit trails, collaboration tools, security timeouts, digital watermarks, transaction collaboration, team collaboration and document classification. Apart from that, Ansarada is integrable with Dropbox and Google Drive.

However, Ansarada is only available in English and supports Mac and Windows.

5. Scan

A very suitable option for small and medium-sized businesses, Digify offers two standard pricing plans: team and company.

Digify lets you upload multiple files and is integrable with Dropbox and Google Drive. Apart from this, other notable features and benefits include team-wide file statistics, advanced encryption, file tracking, digital watermarks, access controletc

Digify is available in English and also supports commonly used file formats such as videos, audios, and PDFs. One of the best things about Digify is its integration capabilities with Windows, Mac, Android, iOS, and Linux.

Last words

Virtual data rooms are an asset to your business, and doing thorough research before investing in one can help you get the results you want. Choosing the right data room software depends on your needs, but make sure it’s easy to use and has a strong customer support service. Additionally, you can read our guide and see if you can find the right VDR software for your new business.