Digital innovations make the lives of each employee easier. From communications to data transfer, technology is now the way to go. One of the modern-day revolutions that are taking multiple industries by storm is virtual data rooms, otherwise known as VDRs.
Virtual data rooms are online, cloud-based storage facilities that help secure company data and files. It’s equipped with high-value security that protects information against breaches and hackers. With that said, the technology that comes with it comes at a high price,and the question stands, “is it worth paying for?”
How Much Do Virtual Data Rooms Cost?
Each VDR developer follows a different pricing structure for its products. It’s often dictated by project duration, size, and value. An estimate of the price ranges anywhere between $20,000 to $40,000.
Here are some of the pricing structures that virtual data rooms vendors follow:
Like traditional printing devices, some vendors charge on a per-page basis. It can range anywhere from $0.40 to $0.85 depending on the size of the project. Hence, it’s ideal for small scale projects that have a set number of files. For larger projects, it can rack up quite a bill.
Some vendors issue a specific number of licenses that come with each virtual data room. If companies need more licenses for their employees, it will come with an extra charge. The price range per administrative user is $100 to $300.
Some virtual data rooms developers have a set price per gigabyte (GB). It can come as a set, which means it has a specific number of a gigabyte per time period or priced at $70 per GB. The deal with this usually is when the users reach the maximum allotted gigabytes, they would have to repurchase extra GBs to continue their use.
The set-up is ideal for projects that do not require that many files.
Monthly subscription rates are the ideal pricing model for those who do have a set deadline or have a large number of files to deal with. Usually, it comes with unlimited storage, data, gigabytes, and user capabilities.
The price usually ranges anywhere between $500 and $1,000. Even with that cost, it still comes as a win for most companies. A lot of projects require heavy loads of documentation for formation and maintenance. Most of the time, each document requires protection as it has vital information regarding the project, and virtual data rooms do provide high-end security.
Is It Worth Subscribing?
Are VDRs worth the bang for your buck? Yes, it certainly is. Aside from keeping all your data safe, it acts as the counterpart of company physical storage facilities for your files. Though virtual data rooms do not require much to function and does not require more utilities like lighting.
Also, companies do not need to worry about the maintenance of these deal rooms, as VDRs are sometimes called. Leave it to the developers to ensure that each one is glitch-free. They also offer time-saving functions.
There would be less need for actual physical meetings for board members to do their work with the use of virtual data rooms. Each alteration made on the files is saved in an instant. Anything that is inside virtual data rooms can also be accessed anywhere as long as there is a decent internet connection.