Effective data management is one of the most compelling advantages of virtual data rooms. Only a few years ago, especially before the pandemic, the business fraternity believed that dataroom software was only useful for M&As
However, the Covid-19 era left businesses with no choice but to go for online collaboration channels, and this was when the business world was able to discover the potential benefits of online data room software.
What’s more, effective data management is not the only benefit of data room software. Businesses are using VDRs for multiple processes, including business communication, deal-making, fundraising, etc. But, using any electronic data room in the market is not wise either. Only certified and reliable data room services can help you achieve what you want from a data room.
To save you from the misery of choosing an unsuitable data room for your business, here is a list of some of the best virtual data room vendors in the market. Also, you can learn about the top benefits of data room software.
Top 5 virtual data room software for effective data management
It is important to note that this list includes virtual data rooms that are useful for various purposes and industries and are not limited to specific use cases.
1. iDeals virtual data rooms
Some data rooms are famous for project or deal management, while some are known for their security and collaboration tools. Then, there is iDeals — an allrounder in the data room industry. iDeals Solutions started its operations almost 15 years ago and quickly became an undeniable force in the market.
iDeals data rooms have everything a business needs for data management. From impeccable data security to smooth and safe data sharing, iDeals data rooms are globally trusted by investment bankers, managers, and lawyers (who specifically deal with highly sensitive client data). Moreover, iDeals VDRs are a highly preferred option for M&As, fundraising, due diligence, and project management.
iDeals allow you to store files in 20+ formats and convert documents into PDF form for an easy view. The company offers dedicated apps for Android and iOS. iDeals VDR supports all commonly used operating systems, including Windows, Mac, Linux, iOS, and Android. iDeals also provide a free trial period, and most importantly, they have customer service, which is second to none.
2. Firmex virtual data room
Strict regulatory compliance, due diligence, and deal-making are often associated with Firmex virtual data rooms. As a matter of fact, more than 15000 data rooms are created by Firmex every year, catering to the needs of hundreds and thousands of companies from all parts of the world.
Firmeч data rooms not only boast industry-leading security, but they have remarkable customer support service. Whether it is data storage, sharing, or business communication, Firmex data rooms are highly trustable solutions.
Corporate sectors, legal services, investment banks, PE, financial services, biotech, pharma, and auditors are the most notable users of Firmex data room services. The company offers flexible pricing plans and free trials.
3. Digify data rooms
A data room that is not only easy to use but hardly takes 15-20 minutes for the setup process, Digify is a top choice of thousands of small, medium, and large companies from various business sectors.
Digify data rooms make it super easy and safe to share documents with your partners, clients, investors, and stakeholders. Apart from that, Digify VDRs have advanced document protection features such as digital watermarking, document security, and file tracking. When it comes to pricing, Digify can stun you with its highly affordable prices.
Digify data rooms have been featured in more than 60 news publications, and they are commonly used for fundraising, financial transactions, data sharing, and due diligence. Digify offers free trials and a “per user“ pricing model.
4. Google Workspace
Google Workspace is a multi-purpose solution offered by Google Inc. Google Workspace focuses on online collaboration/communication between business teams and employees and safe data sharing. That is why Google Space has amazing communication tools for HD video conferencing, one-to-one communication, and group conversations.
Using Google Space, you can create live, shareable document links where multiple users can work together in real-time. Other notable features include in-domain live streaming, noise cancellation, attendance tracking, shared calendars, and compliance management. The best thing about Google Workspace is its free version that offers handy features.
5. OneDrive
OneDrive is a high-end, secure, online digital asset management solution by Microsoft. It is globally regarded as one of the safest web-based platforms for data sharing, project management, and online collaboration.
OneDrive allows you to set up a public or private website where you can add users, create folders, upload, share, and edit documents. It is also easily integrable with all major applications of Microsoft. Notable features include asset management, full-text search, collaboration tools, content library, drag n drop, data synchronization, and asset library. Just like Google Workspace, OneDrive has a free version too.
Top 5 benefits of online data room software
Data rooms are useful in different ways, but here are the top 5 benefits of VDRs.
- Safe and integrated data storage
- Remote accessibility
- Transparency and accountability
- Faster due diligence in M&As and similar processes
- Faster and safer online communication
Summing it up
When it comes to effective data management, virtual data rooms do not have many alternatives. Their banking-grade security system, ease of use, and tools for faster communication make them irreplaceable business assets. Most importantly, they are budget-friendly and help save major administrative expenses like paper costs, printing expenses, etc.
