A virtual data room or VDR is a secure online document filing system that is designed for high-priority projects or for keeping your business’ sensitive and confidential data away from privy eyes. This helps facilitate quick, easy, and secure sharing and access of critical data such as financial, sales, and legal documents with strict access privileges in place.
Physical data rooms aren’t just time consuming but also has its obvious limitations in terms of security and quick retrieveal as well as sharing of documents. This is now regarded as outdated especially in the digital realm. Virtual data rooms can keep real-time updates, access, and collaborations 24/7 and at any location.
Virtual Data Room Pricing Options
Virtual data rooms are pricey by standards; however it would really depend on the vendor or provider and the VDR specifications. The pricing structure varies from one provider to another and would also consider the transaction size, timelines or duration, and value. The VDR technology advances real fast and the pricing structures also quickly adapts to the evolution process.
Per-Page Pricing Model
This pricing structure would be an advantage for small projects in terms of price which can go from $0.40 to $0.85 per page but for large projects, the pricing would significantly increase the costs.
Per-User Pricing Model
Virtual data rooms are allocated a set number of users at which you are charged extra for every additional user license. It is crucial to know how many users are provided for each virtual data room without extra costs. The prices would vary depending on the number of users plus extra user licenses.
Data Room Storage Size
Providers would usually have a package price based on the number of gigabytes used in the virtual data room. Basically, you may be provided a fixed number of gigabytes or a range, and then you get to pay for any GB in excess of that.
Flat/Fixed Monthly Fees
For long-term use, this is basically one of the most convenient and no-fuss pricing structure for virtual data rooms because you simply have to pay the fixed monthly fees. There are different plans and pricing structures for each one to fit your company data requirements. There are plans with a specific storage size allocation and number of user licenses. You may ideally go for the plan that provides unlimited data, users, and pages which is usually in the price range of $500 to $1,000 monthly. This is recommended especially for highly volatile projects and for those with large storage needs and duratiuon. The monthly fees would be cost-effective and time-savvy for busy CEOs who won’t have the time to jump from one plan to another depending on specific projects. In this way, you would be able to focus on the core functions of running an empire. This pricing model is recommended for extensive and long-term projects that would have unpredictable timelines and value.
Features To Look For
As you shop for virtual data room vendors, you should always look at the costs or pricing structures. However, the price is one of the important factors to consider but there’s more to a top-of-the-line virtual data room than just the price tag. To get the best deals, check out the other important features that you should look for in an efficient virtual data room:
- Data Management.
You should look into how efficient and easy it is to share, edit, and search for documents. It should be easy to navigate for every user. Also, check its upload and download capabilities to compare which one has the best data management capacity.
This is an important feature to look for in a VDR. You can’t entrust yourn files to just any vendor. Security of data is crucial to safeguard legal, financial, and any other confidential information that your company has. Always check into the security of file storage, document recovery capability, watermark efficiency, authentication capability, and data encryption level.
Aside from file storage, the VDR should be user-friendly and has a 24/7 emai or chat customer service to assist or look into technical issues at any time of the day or night. Other add-ons would be simple permissions, analytics, document sharing, and view only user access.
- Project Management.
Virtual data rooms aren’t just built for secure storage of data. There’s more to it than just a virtual file cabinet because it helps streamline project management for you and your team. It allows you to communicate, collaborate, delegate, plan, and execute tasks in an organized, fast, and efficient manner.
Virtual data room vendors offer different plans and packages that might confuse or cloud your decision. The best way to be able to decipher and make the right choice is to check on user reviews and the reputation as well as the popularity of a vitual data room provider.