Data room pricing structure that makes sense

Very often the approval of documents during a business deal is a complex and lengthy process. The data room has everything you need to automate the deal management process. In this article, we will analyze the software pricing structure.

Online data room – an innovative approach to deal management

Working with contracts and related documents reflect the very essence of the activities of any company. Mistakes, missed deadlines, unbearably long approval periods, and counterparties who have lost patience – this is familiar to every company. Solving problems with formidable orders, fines, additional personnel or individual improvements is impossible: too many participants, too many details and procedures that must be coordinated with each other. If you do not approach the process holistically and systematically, it will slow down, fail and pull the company to the bottom. In this case, a digital data room is a win-win solution.

The virtual data room is a storage system for accounting and other documentation that allows companies to significantly optimize and automate the business processes of a modern enterprise. The software provides automated accounting of contracts with a detailed specification of all contractual agreements and ensures control over the timing of their implementation. The program defines the procedure for collective access to classified information, defines the procedure for delegating responsibility and authority for each document, and implements an electronic approval system. Business deals are maintained using the principles of electronic document management. The procedure for employees to work with each document is determined. All actions to make changes to the system are recorded.

Deal automation with the help of the data room is useful if the coordination takes several days, more than three employees from different branches participate in it, and you have to work with a large number of documents.

What can a virtual data room cost?

Following, the costs for the data room software vary greatly from provider to provider. However, many vendors offer a free trial version. In this way, the data room can be tested, and ultimately a decision can be made as to whether the provider’s requirements are met.

The costs usually amount to a monthly fee. Many providers offer a flat rate here. However, some providers recalculate the costs monthly: how much data storage was used in a month? How many users have been added? How many projects are running in total?

Mostly, the data room pricing policy depends on:

  • the number of users viewing documents,
  • the storage space,
  • the number of data rooms,
  • the number of pages.

How to choose the right data room plan?

To be able to estimate which cost range you are in, you need to ask yourself a few questions:

  • What features do you need? Is the data storage enough for you or do you need a higher level of security, such as two-factor authentication?
  • Do you need or want round-the-clock care? Every provider has customer support. However, how you can get in touch with him (by phone, email, Skype, etc.) and the period in which he is available to you varies greatly. There are providers who charge more money for unrestricted customer support.
  • For which projects do you want to use this data room? One-off projects shouldn’t cost you as much as multiple, longer-term projects. Do you only want to share files and documents, but not communicate via this platform or upload confidential documents? Then a file-sharing platform like Dropbox is probably more worthwhile than your data room.