The constant advancement of technology requires that businesses can move fast. But getting caught up in the physical world can impede progress. It is expensive and takes time to go to a meeting in person or connect remotely to the data room. A virtual dataroom (VDR) is a convenient and cost-effective method of sharing documents for any deal.
VDRs enable companies to manage sensitive data and ensure security throughout the day. They can also boost productivity and collaboration by offering features such as in-app and email support, remote access, and restricted permissions. This can facilitate the negotiation of complex transactions that require input from multiple stakeholders.
Investment banks typically employ VDRs. VDR in order to facilitate mergers and acquisitions. Goldman Sachs, for example has used a VDR to manage the $45 billion deal it signed with the US Bancorp in 2017. Real estate services company CBRE integrated the VDR into its workflow to streamline document sharing and storage during property transactions. The platform helped them better comprehend what information buyers would most value.
Pharma is not a stranger to securing data management. This is especially true when creating drugs and conducting clinical trials. Utilizing a VDR, Pfizer and AstraZeneca collaborated on a drug to combat viruses and shared clinical trial results and manufacturing processes in a secure environment. They were able to keep their information private while collaborating across multiple continents.
A good online vdr will also provide robust reporting capabilities that can help ensure that deals are in line. VDRs are, for instance can provide detailed reports on how long and by whom each file was examined. This is a significant advantage over cloud storage solutions that only offer limited reporting.