Companies grow quickly when they keep up with most recent technology. But getting caught up in the physical world can impede progress. It is expensive and takes time to travel to a conference in person, or to connect remotely to the data room. A virtual dataroom (VDR) is a convenient and cost-effective way of sharing documents in any transaction.
VDRs allow companies to manage sensitive data and maintain security throughout the day. They can also enhance efficiency and collaboration with features like in-app and email support, remote access, and the ability to grant granular permissions. This helps facilitate the negotiation of complex transactions that require input from a variety of stakeholders.
Investment banks often use VDRs. VDR in order to facilitate mergers and acquisitions. Goldman Sachs used a VDR in 2017 to oversee an agreement worth $45 billion with US Bancorp. CBRE, an agency for real estate services, integrated the VDR to its workflow to streamline document storage and sharing during property transactions. The platform allowed them to better understand what information interested parties wanted the most.
Pharma is no stranger to the security of data management. This is especially the case when developing drugs and conducting clinical trials. With a VDR, Pfizer and AstraZeneca collaborated on an anti-viral drug and shared results from clinical trials and manufacturing processes in a secure setting. This allowed them both to maintain the confidentiality of their collaboration across continents.
A good online vdr also has robust reports that can help to keep the deals on to track. VDRs can, for instance can provide comprehensive reports of how long and by whom each file was seen. This is a major advantage over cloud storage solutions that only offer limited reporting.