Indian businesses evolve, and many of them actively make deals with companies from the European Union, United Kingdom, United States, and other countries that are located rather far from India. So the demand for quality, easy to use, and affordable data rooms has risen significantly.
Can it fulfill your needs?
Most reputable data room providers aim for flexibility today as the use of this technology went far beyond Mergers and Acquisitions and due diligence. Yet, some vendors still focus on M&A, for example, or just certain industries. If you choose such a provider and try using it for the needs it can’t satisfy, you might feel quite uncomfortable with the lack of features. So check if the provider supports the business actions you are going to perform, and if it has all the certificates your industry requires.
What platforms does it support?
It’s absolutely vital for a modern provider to support all the devices out there. It improves the accessibility of the data room and allows participants of a business process to work with documents on the go accelerating the deal. The software should be cloud-based so that members of a data room don’t have to install any programs to access the files. Also, there should be a mobile app for portable devices so that it’s convenient for mobile users to work with documents.
Is it secure?
All reputable data room providers protect their repositories and data transfer ways with the strongest encryption. However, it’s not quite enough. You also need two-factor authentication, granular access management, and other safety features that let you protect your data from theft.
What’s the price?
Some data rooms are significantly more expensive than others, yet they don’t offer as many features as cheaper services. These providers might have a more famous name that allows them to raise the price or any other advantages. You need to decide how much money you can spend on the data room and look for the best solution with the perfect balance between the price and quality.