Advantages of an Online VDR
Businesses are able to move quickly if they stay on top of the most advanced technology. However, getting caught up in the physical world can slow the pace of progress. Meeting in person, or even remotely connecting to an actual data room costs time and money. A virtual data room (VDR) can be a convenient way to share files for any deal.
VDRs help companies manage sensitive information and ensure security throughout the process. They also improve productivity and collaboration by offering features like in-app or email support, remote access, and specific permissions. This facilitates the negotiation of complex transactions that require input from a variety of stakeholders.
Investment banks utilize VDRs to facilitate mergers and acquisitions. Goldman Sachs, for example, used the VDR to manage the $45 billion deal it signed with the US Bancorp in 2017. Real estate services company CBRE integrated a VDR into its workflow in order to streamline document sharing and storage during property transactions. The platform also helped them better comprehend the information that interested parties value most.
The pharmaceutical industry is no stranger to the necessity of secure data management, especially when it comes to developing drugs and conducting clinical trials. Pfizer and AstraZeneca used VDRs VDR to collaborate on an antiviral drug, and also shared the results of clinical trials and manufacturing processes within an encrypted environment. This allowed them both to maintain confidentiality while working across continents.
A reputable online VDR will also have robust reporting capabilities, which will aid in ensuring that deals are running on time. For example, VDRs can present detailed reports on the length of time each file has been viewed and by whom. This is an advantage over cloud storage solutions which only provide limited reports.