Virtual Data Room Blog

Choosing the Best Virtual Data Room: Avoid These 5 Common Mistakes

16-Mar-2023 07:14:00 / by Ankita Rathore

When it comes to choosing a virtual data room provider, avoiding common mistakes can save you time, money, and protect the integrity of your data. In this post, we'll discuss the top five mistakes to avoid when choosing a virtual data room provider.



1. Don't Make Price Your Primary Criterion

While a low price might seem like a good deal, it often means compromising on quality. Instead of focusing solely on price, consider factors like technical support, after-hours support, and project management assistance. Hidden costs can add up quickly, so make sure you understand what's included before making a decision.

2. Don't Overlook Reputation and Stability

Research the potential virtual data room provider's reputation and stability before committing to a long-term relationship. Verify that the vendor is insured for risks and has financial stability to ensure that your project won't be jeopardized if the provider goes out of business.

3. Don't Skip the Pilot

Testing the provider's platform is crucial before committing to a long-term contract. Ask for a trial period, so you can get a feel for the platform's speed, functions, interactivity, and ease of use. A free trial or paid pilot project will help you determine if the provider is the right fit for your business.

4. Don't Forego Feedback

Obtaining references from other existing clients is critical. Even if you've used your preferred provider before, get feedback from other clients to ensure that the provider's services are still up-to-date and meet your needs. Make sure to personally phone references and ask for feedback before deciding.

5. Don't Underestimate Security Risks

Access control and virus protection are essential, but don't forget about infrastructure security. Make sure your provider has a disaster recovery and business continuity plan in place to protect against natural disasters and other risks. With climate change causing more natural events, it's crucial to be prepared for anything.

To find the best virtual data room provider for your business, look for vendors with well-established track records, offer trial periods or pilot projects, and detailed service level agreements. Conduct the necessary due diligence to avoid these common mistakes and protect your business's data integrity.

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Topics: Dataroom Security, M&A, ethosdata, Data Room, VDR, dataroom, dataroom virtual