SecureDocs Virtual Data Room and other traditional virtual data rooms like Merrill, RR Donnelley, and Intralinks are all designed to help business accomplish the same goals. These data rooms provide executive teams a secure way to store and share critical business documents with internal and external parties during business events including M&A, fundraising rounds, licensing deals, strategic partnerships, and for ongoing secure document management. So, if they all allow administrators and users to achieve the same goals, and offer similar features, why choose one over the other?
For some it comes down to what they know, and are comfortable using. For others it is simply because they were advised to use a specific product by a trusted investment banker or attorney, and then there are those who value a low price point and usability, along with the security of a data room.
Here are some of the strong similarities and stark differences between SecureDocs and traditional virtual data room providers.
As previously mentioned SecureDocs and other data room providers stack up relatively evenly when you compare them on a feature to feature basis. More importantly they all are designed with security in mind, and offer features that, if used correctly, can help businesses remain in complete control of their data- which is something that sets them apart from other file sharing solutions like Dropbox or GoogleDocs when it comes to secure document sharing. A few features to look for that will ensure your data remains secure are:
- Certified Data Centers
- Encryption of Data
- Strict Access Control
- Audit Logs
- Two-Factor Authentication
This is where things start to differ at bit. Traditional data rooms are notorious for being clunky, difficult to implement, and complicated to use. While at the opposite end of the spectrum SecureDocs has been purpose built to have an intuitive user interface, easy-to-use, and easy to get up and running. Here are a few differences:
- Set-up Time- SecureDocs can be up and running in 10 minutes without the need for assistance, while traditional data rooms often take hours and hours to get up and running.
- Training- SecureDocs rarely requires training, although support and resources are available to those who want them. As for other data room providers, they can require hours of administrator training to get started, and even then they can be challenging to use.
- Ongoing use- SecureDocs' simple user interface make it easy to use everyday-with minimal effort, while using other data rooms can be such a pain to operate that they become obsolete and are not properly used- leaving room for error and opening the door for potential data breaches.
When it comes down to it price continues to be the largest differentiator between SecureDocs and other data rooms. SecureDocs offers a flat pricing structure with zero hidden fees, unlimited users, unlimited documents, and 24/7 support; while data rooms like Merrill, RR Donnelley, and Intralinks have complicated pricing structures, and fees for items that they consider to be extras like training, support, and specific features. Check out the table below to gauge what you can expect when comparing virtual data rooms.
|SecureDocs||Traditional Data Room Providers|
|Flat Fee Pricing||√||X|
|Pre-Page Upload Fees||$0||Up to $1 per page|
|Additional Storage Costs||$0||$- Ask Them|
|User Download Costs||$0||$-Ask Them|
|Additional User Costs||$0||$- Ask Them|
|2-Factor Authentication||$0||$- Additional Costs|
|Other Costs||$0||$- Ask Them|
|Typical Transaction Cost||$2,400||$10,000- $50,000|