Staying current with technology means that businesses move quickly. However, being 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 the data room. A virtual dataroom (VDR) is a convenient and cost-effective means of sharing documents in any transaction.
VDRs allow companies to manage sensitive data and ensure security throughout the day. They can also enhance efficiency and collaboration by offering features like in-app support and email, remote access, and more granular access rights. This can facilitate the negotiation of complex transactions that require input from multiple stakeholders.
Investment banks use VDRs to facilitate mergers and acquisitions. Goldman Sachs, for example employed a VDR to manage the $45 billion deal it signed with the US Bancorp in 2017. CBRE, an agency for real estate services, integrated the VDR to its workflow in order to improve document storage and sharing during property transactions. The platform helped them better comprehend what information buyers were most interested in.
The pharmaceutical industry is not a stranger to the need for secure data management, especially when it comes to developing drugs and conducting clinical trials. Utilizing an VDR, Pfizer and AstraZeneca collaborated on a drug to combat viruses and shared results from clinical trials and manufacturing processes in a secure setting. This allowed them both to maintain confidentiality while working across continents.
A reputable online vdr has robust reporting capabilities that will aid in keeping deals on the right track. For instance, VDRs can present detailed reports on how long each file has been watched and by whom. Compared to the limited reporting provided by cloud storage services this is a huge benefit.