Being up to date with technology means that businesses move swiftly. However, being caught up in the physical world can slow down progress. It is expensive and takes time to go to a meeting in person or to connect remotely to a data room. A virtual dataroom (VDR) is a simple and cost-effective means of sharing documents for any deal.
VDRs help companies manage sensitive information and maintain security throughout the process. They can also enhance efficiency and collaboration with features like in-app and email support, remote access and specific permissions. This will help in the negotiation of complicated transactions that require inputs from multiple parties.
Investment banks typically use VDRs. VDR when facilitating mergers and acquisitions. Goldman Sachs used a VDR in 2017 to oversee an agreement worth $45 billion with US Bancorp. Real estate services company CBRE integrated a VDR into its workflow to simplify document sharing and storage during property transactions. The platform helped them to better discern what information the parties wanted the most.
Pharma is not a stranger to securing data management. This is especially true when creating drugs and conducting clinical trials. Pfizer and AstraZeneca used VDRs VDR to collaborate on an antiviral drug and shared clinical trials results and manufacturing processes in an encrypted environment. This allowed them to preserve confidentiality while collaborating across continents.
A good online VDR has robust reporting capabilities that can aid in keeping deals on the right track. VDRs can, for instance can provide comprehensive reports of how long and by whom each file was examined. As compared to the limited reporting that cloud storage solutions offer, this is a significant benefit.