The constant advancement of technology requires that businesses move swiftly. However, getting caught up in the physical world can slow down progress. It is expensive and takes time to attend a meeting in person, or to connect remotely to the data room. A virtual online vdr dataroom (VDR) is a convenient and cost-effective means of sharing documents in any transaction.
VDRs aid companies in managing sensitive information and ensure security throughout the process. They can also bolster efficiency and collaboration by providing features like in-app and email support, remote access and granular permissions. This can facilitate the negotiation of complicated transactions that require input from multiple stakeholders.
Investment banks typically use a VDR in order to facilitate mergers and acquisitions. Goldman Sachs used a VDR in 2017 to handle a $45 Billion deal with US Bancorp. CBRE, the real estate services firm, integrated the VDR to its workflow to streamline document storage and sharing during property transactions. The platform has helped them better know what information prospective buyers valued most.
The pharmaceutical industry is not a stranger to the need for secure data management, especially when developing drugs or conducting clinical trials. Pfizer and AstraZeneca used a VDR to collaborate on an antiviral medication, and also shared clinical trial results and manufacturing processes in a secure environment. This allowed them maintain confidentiality while working across different continents.
A good online vdr should also offer strong reporting capabilities, which will aid in ensuring that deals are in line. VDRs for instance, can provide detailed reports about how long and the number of times each file was viewed. When compared to the sporadic reports available with cloud storage solutions, this is a significant advantage.