Virtual data rooms are an integral part of the transaction landscape, and this software is used in the processing of all major company sales and increasingly also for SME transactions. But which qualities are most important to users?
This question was answered in a recent survey undertaken by the secure cloud provider Drooms of 1,000 data room users from its software customer base. Speed was rated number one, with 79.3%, followed by security (66.5%) and intuitive user interface (58.3%).
Virtual data rooms are generally used as due diligence platforms, a place where sellers and potential buyers can meet. Transaction-relevant documents can be viewed in the data room, which also provides a platform for dealing with any questions that arise. Software-supported processes are now the norm. The demands placed on the underlying technology are constantly growing.
According to Jan Hoffmeister, Managing Director of Drooms, the fact that platform speed is the top criterion for data room users when working with this software is not surprising: “Transactions are always under time and cost pressure. Due diligence analysts are highly specialised and there can often be up to 250 professionals involved. The software must enable them to always work quickly and efficiently.”
This also explains why security, another obvious consideration, is pushed down into second place. Intuitive user interface (in third place) is followed by service and availability (31.6%) and Q&A tool (26.4%).
The most important elements of a data room (multiple answers possible)
- Speed of document display (79.3%)
- Security (66.5%)
- Intuitive use (58. %)
- Service and availability (34.6%)
- Q&A tool (26.4%)
- Reporting and audit-ready documentation (17.7%)
- Locations of the server (3.6%)
- Other (2.1%)
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