The Future of Board Meetings: Explore the Top-Rated VDR Providers
The topic of virtual data rooms has an interesting position in terms of user designation. Companies that are already familiar with the technology draw a lot of information about it, but some are surprised by the functional platforms even today. A little trend analysis shows that the first major burst of VDR demand came during the period of COVID-19-induced restrictions. According to today’s data, more and more new consumers of these services are added every day. There is also a growing demand for board portal comparison, which helps users to make a better choice of service provider. But did companies really like it so much, and what could be the reason for such enthusiasm?
Evolving Trends in Virtual Data Rooms
According to authoritative sources, the VDR industry trends chart is moving upwards. Earlier, only the marketing and distribution departments were dealing with this issue. But in the previous year, a thorough study was conducted, and the VDR service delivery market was valued at $2 million. Also, the data analysis showed that after 2018, the global VDR demand rate was at an average of 12.8%. Analysts assume that this percentage may drop a little in a certain period of time, but this trend will continue, and in 8–10 years, the virtual data room market will reach the mark of 5 million dollars.
In addition, every year there are virtual data room advances in the quality of services, tools, and functions. For example, providers are already actively implementing artificial intelligence as an assistant that performs various types of tasks. This opens up great potential for the future of virtual data rooms, and it is likely that they will be able to displace some services or platforms from the list of those in demand.
Enhancing Board Meeting Security with VDRs
“Security” is the first thing users like about VDR. It is especially demanded in the areas of banking services, government regulatory agencies and companies that specialize in Acquisitions and Mergers. The services provided are great secure board meeting solutions for several reasons:
- Permissions and Access. The administrator sets access levels for all users and visitors. Some individuals can work in the rooms. Others can only read documents without the right to copy, cut, save and print.
- IP restrictions. A built-in filter is able to restrict visitor access, even by guest link.
- Limited time or space. There are restrictions on rooms. Guest links will become inactive on the specified date.
- Authorization. The verification process may consist of one or two steps.
In addition, there are VDR security features:
- Watermarks. Special characters will protect the document from unauthorized copying, printing and screenshotting.
- Shading. Document owners can apply special shading to words and sentences for guest review.
- View obstruction. The tool allows you to hide the specified part of the document without violating the integrity of the original.
In conclusion, it is worth mentioning that all information is stored in cloud storage and encrypted in virtual data rooms, both for data and communication channels. Digital boardroom providers utilize ISO, HIPPA or SOC certifications to keep information secure. Therefore, confidential information is stored better than money in the bank.
Customization Options in Leading VDR Providers
If you already have experience using cloud storage, you know that the working environment looks the same for everyone. Except that the design theme can be changed from light to dark. But a company needs to have a customized look in the eyes of partners or investors, so the best vendors offer personalized virtual data room features. These include:
- The color scheme of the work environment;
- Permission to place logos and add identifying marks to the interface design;
- Setting the style of different rooms;
- There is great design flexibility in standard templates and themes.
Beautiful pictures and theme colors are not enough. The room should be comfortable for both the administrator and investor to work in. Therefore, good vendors can offer customizable VDR solutions to clients;
- User-friendly dashboards;
- Quick access to in-demand functions;
- Easy document search;
- Comfortable flipping and moving between rooms.
Tailored VDR platforms can develop multiple designs for employees and customers separately. This helps visitors learn the environment faster and easily perform boardroom document management.
Integrating VDRs with Existing Board Processes
The second most important feature for VDRs is the ability to integrate with devices, platforms, and systems. Not all developers and service providers are able to provide such features. Seamless VDR adoption is characteristic of only the best vendors. Their products are capable of:
- Connect with existing systems;
- They can make a customized solution;
- The software works with Win, Linux, iOS, Android, macOS;
- Work on devices without additional patches and plugins.
Virtual data room implementation into a company’s existing digital system can be one of the most challenging tasks. In this case, it is necessary to have the VDR integration strategies. It will be a significant plus if the service provider’s team is able to accomplish this kind of assignment without outside help and without too much financial outlay.
Comparing Top-Rated VDR Providers
The time has come to choose a service provider for the company, but for a successful choice, a comparison should always be made. The first point for comparing VDR platforms should be the purpose:
- For specific purposes (Mergers & Acquisitions/Banking/Financial audits, and others);
- Universal VDRs;
- For large corporations;
- For medium and small businesses.
When the first point is passed, users can use the table to understand what the top virtual data room providers have to offer.
| Advantage | Feature Description |
| Customer support 24/7 | Available |
| Activity reporting system | Available |
| User entitlement levels | At least 4 levels |
| Text editor, graphic editor, tables, presentations, whiteboards | Available |
| Language support for the platform | At least 4 languages |
| Access via mobile devices | Available |
| Detailed access control | 4 levels and more |
| Automatic file indexing | Available |
| Number of supported file formats | 10 and more |
This list is universal for all types of business activities. Some requests may not be in demand, and some may be lacking. But it will form a first impression of how to choose the best VDR companies for specific requests.