The constant advancement of technology requires that businesses move swiftly. However, being caught up in the physical world can hinder progress. Traveling to meet in person, or remotely connecting to an actual data room takes time and money. A virtual data room (VDR) can provide an easy way to share documents for any deal.
VDRs let companies manage sensitive information and ensure security throughout the day. They can also boost efficiency and collaboration by offering features such as in-app support, remote access, email and the ability to grant granular permissions. This helps facilitate the negotiation of complex transactions that require input from a variety of stakeholders.
Investment banks often use VDRs. VDR in order to facilitate mergers and acquisitions. Goldman Sachs, for example has used a VDR to facilitate an agreement worth $45 billion with the US Bancorp in 2017. CBRE, an agency for real estate services that integrates the VDR to its workflow to improve document storage and sharing during property transactions. The platform also helped them know what information buyers and sellers value the most.
Pharma is not a stranger to secure data management. This is particularly true when developing drugs and conducting clinical trials. Utilizing VDR, VDR, Pfizer and AstraZeneca collaborated on a drug to combat viruses and shared the results of their clinical trials and manufacturing processes in a secure setting. This allowed them both to maintain confidentiality while collaborating across continents.
A reputable online VDR will also offer strong reports, which can aid in ensuring that deals are being executed in a timely manner. VDRs for instance can provide detailed reports on how long and by whom each file was read. Compared to the limited reporting offered by cloud storage solutions, this is a significant benefit.