Advantages of Virtual Data Rooms for Small and Medium-Sized Businesses

VDRs, or virtual data rooms, are online platforms that allow for the safe sharing of sensitive information with third parties. This is particularly important in complex financial matters such as mergers, acquisitions, due diligence investigations, fundraising, and IPOs. Besides large companies, SMBs can also use VDRs to protect sensitive information and facilitate cooperation with partners, investors, and customers.

In this article, we will explore the benefits of VDRs for small and medium enterprises to help you choose which kind of provider meets your needs.

Setting up a Virtual Data Room

How to set up a virtual data room? It is a straightforward process that involves a few key steps. Follow these simplified instructions to get started:

  1. Select a VDR Provider and identify one that fits your budget, industry, and project.
  2. Create an Account and Data Room.
  3. Logically organize documents by creating folders, subfolders, labels, tags, or indexes.
  4. Upload Documents to the data room. Take care with the quality and format of documents.
  5. Set Security and Access using VDR security functions.
  6. Invite Users and Create Groups.
  7. Monitor and Manage using the dashboard and reporting tools to monitor your data room.

New promising solutions emerge each year while established market leaders maintain dominance (Gilbert Waters, Co-founder and marketing specialist at data-rooms.org – this website offers a complete guide on various topics regarding virtual data room software).

VDR market providers

Virtual data room providers bring diverse VDR features, costs, and services. To aid your selection, we’ve crafted a comparison table:

ProviderCustomer Support ServiceTrial Version AvailabilityMobile App Version AvailabilityPrices
iDeals24/7 multilingual email/phone, and online chatAvailable for 30 daysAvailable for devices based on iOS or Android platformsOver $150 monthly
Intralinks24/7 multilingual email/phoneNot availableAvailable for devices based on iOS or Android platformsPersonalized approach depending on the size and duration of the project
Datasite24/7 multilingual email/phoneNot availableAvailable for devices based on iOS or Android platformsPersonalized approach depending on the size and duration of the project
OnehubPhone + emailAvailable for 14 daysAvailable for devices based on iOS or Android platformsOver $29.95 per monthly
Donnelley Venue24/7 multilingual email/phoneNot availableAvailable for devices based on iOS or Android platformsPersonalized approach depending on the size and duration of the project
Ansarada24/7 multilingual email/phoneAvailable for 14 daysAvailable for devices based on iOS or Android platformsPersonalized approach depending on the size and duration of the project
SharevaultPhone + emailAvailable for 10 daysAvailable for devices based on iOS or Android platformsOver $200 monthly

All providers have a qualitative customer support service at affordable prices and are compatible with the latest smartphone or desktop operational systems to satisfy all corporate needs.

VDR services

Virtual data room services refer to the service offered by providers of VD rooms. Though varying between providers, these services generally include:

  • Secure data storage and sharing. VDRs provide a safe Internet environment. JT security measures include encryption, firewalls, antivirus, and backup systems.
  • Document management and organization. VDR tools aid in organizing documents logically, aiding management. The user can create folders and upload and download files.
  • Access control and permissions. VDRs have tools for managing documents and users ‘permissions. Users can grant access according to different permission levels (view, download, print, and edit) or alter such permits.
  • Collaboration and communication. Commenting, markup, and highlighting are all valuable tools for fostering collaboration through VDRs. People can chat, ask questions, and answer them.
  • Reporting and analytics. VDRs provide tools for reporting and analyzing both the content of communication and user behavior.

Users create and export reports, such as audit logs and document heatmap summaries.
VDR services provide a safe, well-ordered framework for businesses to store and exchange sensitive data. These varied functions, from access controls to collaboration facilities, eliminate project management and data security discontinuity.

Main benefits of the VDR software for small and medium-sized businesses

If SMBs are involved in some complex financial deal or need to communicate with outsiders, virtual data room software can help them. Key advantages include:

CategoryDescription
Cost-effectivenessCut corners by reducing the costs associated with physical data rooms. Transparent pricing plans fit every budget, and variable fees can be customized.
Time-efficiencyShortens document processes with functions such as drag-and-drop and full-text search. Improves document management and filing; saves time.
ScalabilityScales with ease according to the size and duration of projects. Documents, users, storage space, and bandwidth can be adjusted without charge.
SecuritySafeguards confidentiality and ensures that data protection regulations are being met. Other features like data encryption, watermarks, and two-factor authentication increase identification security.
CollaborationAllows more efficient cooperation with partners, investors, customers, and advisors. Communication functions such as Q&A, chat, and feedback facilitate interaction.

To sum it up in a sentence, implementing virtual data room software provides SMBs with an efficient, economical way for sensitive information to be safely transferred and shared during challenging projects all at once.

Final thoughts

VD rooms prove invaluable for SMBs handling sensitive data among various parties. They outshine physical rooms and cloud storage with cost-effectiveness, time efficiency, scalability, security, and collaboration. Opting for the right VDR provider and setting up the data room appropriately empowers SMBs to realize these benefits and reach their business objectives.