Businesses are able to move quickly if they keep up with most advanced technology. However, getting caught up in the physical world can impede progress. It costs money and time to travel to a meeting in person or connect remotely to the data room. A virtual data room (VDR) can provide an efficient way to share files for any deal.
VDRs can help businesses manage sensitive information and ensure security throughout the process. They can also bolster collaboration and efficiency with features like in-app and email support, remote access, and the ability to grant granular permissions. This can help facilitate the negotiation of complex transactions that require input from a range of stakeholders.
Investment banks typically use VDRs. VDR for facilitation of mergers and acquisitions. Goldman Sachs, for example has used the VDR to oversee the $45 billion deal it signed with the US Bancorp in 2017. Real estate services firm CBRE integrated the VDR into its workflow to streamline document sharing and storage during property transactions. The platform allowed them to better discern what information the parties wanted the most.
The pharmaceutical industry is not a stranger to the need for secure data management, especially when it comes to developing drugs or conducting clinical trials. Utilizing a VDR, Pfizer and AstraZeneca collaborated on a drug to combat viruses and shared the results of clinical trials and manufacturing processes in a secure setting. This allowed them to keep confidentiality while collaborating across continents.
A good online vdr should also offer strong reporting capabilities that can aid in ensuring that deals are on track. For instance, VDRs can present detailed reports of how long each file was viewed and by who. This is a major benefit over cloud storage solutions that only provide limited reporting.