How to Choose and How to Evaluate a Virtual Data Room Service Provider

  • Updated on November 8, 2022
  • General

Quite often, in a project-oriented organization, the manager is faced with the question of choosing a virtual data room in the field of project management. It is very important that the selected software satisfies the requirements of the project team, get full and high-quality support and increase the efficiency of project management processes in the company.

As a rule, the most important requirements that are considered when choosing a system are:

  • User interface;
  • Data management;
  • Scheduling mechanism;
  • Ensuring collaboration.

If all these requirements meet our needs, then this software product can be effectively used as an element of a project management information system. Let’s consider each requirement separately. Read data room software comparison and learn more about choosing VDRs. 

User Interface

The first thing that the user pays attention to when working with the program is the user interface. When choosing a software interface, you can note features that help you enter and view information:

  • Flexibility in display organization;
  • Availability of the help system;
  • Convenient editing tools;
  • Availability of wizards and templates.

The user interface can be considered in terms of the ease of learning the software tool and evaluated on the following parameters:

  • Ease of learning;
  • Ease of use;
  • The presence of a system of macros (formulas);
  • Flexible context search system;
  • Tutorials.

Data Management

With the improvement of the data room, developers began to place more emphasis on facilitating the process of entering information and navigating the software product. Data management should provide advanced capabilities for accessing and transferring information, grouping, combining, administering, and adapting project data.

Individual users do not have to run OLAP analysis procedures or create queries when working with data. The data room service provider should include an administration system that would contribute to the formation of a data system, including the function of centralized data updating and security of their storage.

Methods of Planning

There are a number of requirements in the planning process where inaccuracies and non-compliance with all planning conditions can lead to inefficient operation of the project management application.

For the optimal choice of virtual data room service providers, it is necessary to think about the question of what data should be entered, read, or output using these features. Can the software tool you are considering handle this data to meet business requirements?

In addition, is it necessary to assess whether software algorithms have sufficient capabilities to draw up calendar plans correctly and efficiently? Can you repeat the calculation and still get the correct result? Can you stay within certain limits? Does the resource planning schedule match the work schedule? Is it correct to calculate the cost of the project, taking into account the scope of work? These issues are very significant.

On the one hand, almost all popular products use the traditional critical path method and a sequential resource allocation algorithm. However, each manufacturer has developed its own capabilities for these two basic calculation models, which can be an advantageous addition to the main features or, conversely, degrade the electronic data room product.

Ensuring Collaboration

Multi-level client-server architecture made it possible to increase the efficiency of computer equipment while expanding the range of users with access to data and increase system security. The use of such systems formed the basis for the development of a multi-user project management system.

Web technologies have revolutionized the information world, changing the capabilities of their computers. And, if there is any application area that can benefit from this new technology entirely, it is the area of ​​project management. Web-enabled improved data access and collaboration between users have completely changed the way project management software is used. The presence of a Web browser and the ability to work via the Internet is also an important advantage for a project management system.

Criteria for Choosing the Virtual Data Room

So, what aspects should you pay attention to when choosing collaboration software?

Based on the Needs of the Company in its own development

An enterprise must first consider its own development needs and select software that is actually used in the enterprise.

The discussion involves the heads of the relevant departments of the enterprise:

1. Positioning, the direction of development, and the scale of the company.

2. The selected data room must meet the multi-level needs of the corporate sector.

Choose Reliable Suppliers

The Software is not a one-time sale. Pre-sales advise and technical advice during the sale and after-sales service are needed. When choosing a supplier, its reliability can be compared with the following aspects:

  • The scale of the company. Good products require strong support. When choosing a supplier, first check the company’s reputation, financial standing, and operating policies.
  • The technical level of the supplier determines whether the supplier can continuously improve the product and solve various technical problems in the application of the product.
  • After-sales service. The level of after-sales service provided by the supplier is a prerequisite for guaranteeing the purchase of the software.

Have a Good Budget

Increasing revenues and reducing costs is an important benchmark for enterprise cost management. The cost of an enterprise’s choice of data room software is also a very important factor. These costs include not only the cost of the enterprise to purchase the software, but also include labor and material resources during the installation of the system, initial advertising costs for investing in the system, and the process of use. The cost of technical problems is in arrears.

Pay Attention to the Development Trend

Companies are always following in the footsteps of technology. Before the Internet, physical space was a huge cost. File transfers required specific addresses from both parties; although the call exceeded the space limit, both parties had to be online at the same time. After the advent of the Internet, the use of computers ushered in the era of the PC-side fully automated office for the corporate office. Mobile phones and mobile devices are now freeing office work from space and time constraints. Mobile virtual data rooms have ushered in a new era for the corporate office. Open use of corporate WeChat, like open use of corporate WeChat, allows employees to open their phones to work anytime, anywhere, which greatly improves work efficiency.

Easy to Use

Companies can opt for relatively simple and easy-to-use software that gets employees up and running quickly, while a complex user interface will dampen employee enthusiasm. Simple and easy-to-use system modules not only reduce purchasing costs but also reduce operating costs. The system is simple, no need to set up a dedicated technical department to solve technical obstacles; it can directly communicate with the supplier’s after-sales staff.

Therefore, the choice of virtual data room should be guided by the company’s own development needs, choose products provided by reliable vendors, reduce operating costs, and increase the company’s competitiveness. Corporate leaders should always pay attention to current development trends so that the company always follows them. In the footsteps of technological development.


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