Companies grow quickly when they are up to date with latest technology. But getting caught up in the physical world can impede progress. It is expensive and takes time to travel 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 in any transaction.
VDRs aid companies in managing sensitive information and ensure security throughout the process. They can also boost productivity and collaboration by offering features like in-app or email support, remote access and restricted permissions. This makes it easier to negotiate of complex transactions that require input from a variety of stakeholders.
Investment banks typically employ a VDR in order to facilitate mergers and acquisitions. Goldman Sachs, for example employed the VDR to manage an agreement worth $45 billion with the US Bancorp in 2017. CBRE, an agency for real estate services has integrated a VDR to its workflow in order to simplify document storage and sharing during property transactions. The platform also helped them better know what information buyers and sellers value the most.
Pharma is not a stranger to secure data management. This is especially the case when developing drugs and conducting clinical trials. Pfizer and AstraZeneca employed a VDR to collaborate on an antiviral drug and also to share clinical trials results and manufacturing procedures within an encrypted environment. This allowed them to preserve confidentiality while working across continents.
A good online vdr also offers strong reports that can help keep deals on course. For instance, VDRs can present detailed reports on the length of time each file has been viewed and by whom. In comparison to the limited reports that cloud storage solutions offer This is a major advantage.
