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Deal rooms are secure online platforms to store, access, share, review, analyze, and manage confidential information. However, deciding which deal room will be the right one for your needs can be overwhelming as you have to consider several factors for this.
Here is a list of some essential features you must look for when choosing a deal room.
What Are the Features to Look for When Choosing a Deal Room?
1. Security and Compliance
When choosing a deal room, security features must be at the top of your mind. This is essential to ensure the protection of your business’s confidential data from cyberattacks and data breaches.
Your chosen deal room must have all the essential robust security features, including virus and malware scanning, advanced encryption, and multifactor authentication. This will provide you with peace of mind and ensure that your important data is safe.
Along with the security features, you should also check whether the deal room meets third-party standards. This is essential to ensure compliance and avoid potential legal and financial risks.
2. Pricing Model
The deal rooms provide you with many pricing models, each having different features. You can choose any of the ones that best match your business needs and fit into your budget.
The most common cost structures of deal room are as follows:
- Per Page: You are charged a fee per page of your document. This is suitable for small projects that have a fixed number of files.
- Per User: This model charges based on the number of users accessing the deal room. They are an ideal option if you know the number of your collaborators.
- Storage Based: In this model, you are charged based on how much data is stored in the deal room. If you exceed the fixed limit, you have to pay extra for that.
- Monthly and Yearly Plans: It has a fixed monthly or yearly price that includes a certain amount of data storage, unlimited data users, and often other customized features.
3. Document Management
Document management refers to the options available for organizing, uploading, and working with the documents.
When choosing a virtual data room or deal room, you must consider what it offers to store, share, access, and analyze different files and folders.
Some common features in a deal room for document management are as follows:
- Drag and drop upload
- Robust search capability
- Bulk upload
- Labeling, Tagging, and other different categorizing features
- Multi-format documents support
4. Communication and Collaboration Tools
Effective communication and collaboration are the keys to enhancing your business efficiency and ensuring its growth. It reduces the chances of misunderstandings and makes sure everyone is clear about their roles.
Therefore, you must choose a deal room that has different collaboration tools so that you can efficiently communicate within your company without any inconvenience.
Many deal rooms offer access controls that allow permissions to be set based on the roles and responsibilities of each user.
This ensures an effective collaboration and provides internal control over who can see what. These deal rooms also give you all statistics of who has viewed, saved, downloaded, or printed what documents.