How to Pick the Best Data Room Software

Data storage is everything. Most businesses are made up of information in the form of documents, graphics, emails, presentations, CRMs, spreadsheets and more. The applications that help a business run smoothly require copious amounts of storage.

Picking the Foremost Document Storage and Data Room Software

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Here a few data storage statistics of data room software:

  • 47% of companies state data growth as one of their top three challenges
  • Storage growth management is a major pain point for 79% of IT professionals
  • Data storage requirements are expanding at 40% per year
  • More storage is now located in virtualized data room software than traditional environments, with companies moving from on-site non-virtualized to integrated virtualized environments
  • The world’s data will grow by 50X in the next decade (statistics source)

It is critical for a company to have all the their data and information stored in a convenient, yet secure location like data room. There are many options available for data storage, and DealRoom Data Room Software happens to be one of them.

Here are some other interesting data storage facts:

  • Due to legal reasons, small to mid-sized companies are archiving emails dating back five or more years
  • Certain government bylaws, such as Sarbanes-Oxley, require companies to retain and back up data they would have previously have deleted
  • New versions of software applications or operating systems typically require more hard-drive space
  • Widespread threat of viruses and spyware create a need for more careful backups, which use more storage
  • The increasing trend of larger media files, like video, take up a substantial amount of more storage, compared to traditional files (statistics source)

So why should you look to DealRoom's data room software to meet your online software needs?

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First, you need to consider your capacity needs. How much data do you have? And more importantly...what’s your budget?

DealRoom offers flat-rate pricing. This includes unlimited data and unlimited users. All for one flat-rate, with no overage fees.

Next, what are your location needs?

DealRoom is built on AWS, Amazon’s on-demand cloud computing platform, and stored in the United States. If a company is located elsewhere in the world, DealRoom can open a server there to enable compliance with regional data sovereignty requirements.

How quickly do you need to have access to data?

If you are constantly accessing files, sharing documents, transferring media, etc. you need to be able to obtain data quickly. With DealRoom, all your data is in one integrated place.

Online Data Room Provides Numerous Benefits.

First, by backing up files to a remote, secure server, you are protecting the data stored at your place of work. Then you can easily share and transfer files with employees, clients, and other third parties. All you have to do is invite them into a room and pick their permission settings. This eliminates the need for sending files via email attachments. Since you can access the data via your log-in, this means you can access your account from any device no matter where you’re at.

Additional Factors to Consider When Choosing Data Room Software

There are additional factors to consider when choosing data room software. For example, does your company’s needs go beyond document storage? Do you need to a way to manage documents too? If so, you should look into software that has project management capabilities alongside data room. Software with project management features like DealRoom, provides clarity, accountability, communication, collaboration, and many other benefits to the deal process.

Another factor to consider is customization. No two deals are alike, and it’s important for data room software to be customizable and flexible. DealRoom is constantly updating and adapting to meet clients' needs. We even offer logo branding within a room. You also need to consider workload and deal management with picking software. Teams are rarely working on only one deal at a time. More often than not, teams are simultaneously managing three to four deals. DealRoom’s pipeline management capabilities enable teams to know the status of each deal, and easily go back and forth between them. They always have a bird’s-eye view of a deal’s progress, the ability to add filters, see most recent activity, and more.

At the end of the day, companies should store their data in a place that is convenient, secure, and affordable. And luckily for them, DealRoom can do just that.

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