Data Room Reviews – What to Look For in a Data Room
When you work with clients to manage their data for M&A due diligence or other purposes it can be essential that the tools you use are easy to set up and possess the appropriate level of security. It’s not possible to afford for them to be prone to bugs or vulnerabilities that are dangerous to the information you’re sharing, especially if it’s a business trying to sell or raise funds or other activities that could be affected by any issues in this field.
It is crucial that your clients are aware of and use the data room. Using outdated, bulky tools can cause friction and confusion during the deal process. This can slow down the deal process and could cause problems. Modern, intuitive interfaces with features like view as well as granular permissions to access and reporting insights are essential.
Another important consideration is the storage capacity and amount of users. Some data storage facilities charge by the GB and can be very expensive for businesses with huge amounts of data to keep and share. Some data rooms charge a flat cost per month and include an agreed number of users’ licenses. This may be more economical for some.
Some vendors also offer a per-page price model, which can get expensive if you must manage and share a lot of documents. This isn’t a typical model but it’s still available and is worth looking into for if you must manage high volume of pages in a document.