Being up to date with technology means that businesses move swiftly. But getting caught up in the physical world can hinder 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 simple and cost-effective way of sharing documents for any deal.
VDRs let companies manage sensitive data and maintain security at all times. They also improve efficiency and collaboration by providing features such as in-app support, email, remote access, and specific permissions. This can aid in the negotiation of complex transactions that require input from multiple stakeholders.
Banks that invest in VDRs use them to facilitate mergers and acquisitions. Goldman Sachs used a VDR in 2017 to manage a $45 billion deal with US Bancorp. CBRE, a real estate service company that integrates a VDR to its workflow to simplify document storage and sharing during property transactions. The platform also helped them better comprehend the information that buyers and sellers value the most.
The pharmaceutical industry is not a stranger to the necessity of secure data management, particularly when it comes to developing drugs and conducting clinical trials. Pfizer and AstraZeneca used a VDR to collaborate on an antiviral drug and shared clinical trials results and manufacturing processes within an environment that was secure. This allowed them maintain confidentiality while collaborating across multiple continents.
A good online vdr will also have robust reports, which can help ensure that deals are in line. VDRs are, for instance can provide comprehensive reports about how long and the number of times each file was read. In comparison to the limited reports that cloud storage solutions offer, this is a significant advantage.