Being up to date with technology means that businesses can move fast. However, being caught up in the physical world could slow progress. Meeting in person, or remotely connecting to an actual data room is time-consuming and expensive. A virtual data room (VDR) can provide a convenient way to share documents for any deal.
VDRs help companies manage sensitive data and ensure security at all times. They can also enhance collaboration and efficiency with features like in-app or email support, remote access, and specific permissions. This helps facilitate the negotiation of complex transactions that require input from a range of stakeholders.
Investment banks utilize VDRs to facilitate mergers and acquisitions. Goldman Sachs used a VDR in 2017 to oversee a $45 Billion deal with US Bancorp. CBRE, a real estate service company that integrates a VDR to its workflow in order to streamline document storage and sharing during property transactions. The platform helped them to better know what information prospective buyers were most interested in.
Pharma is no stranger to securing data management. This is particularly true when developing drugs and conducting clinical trials. With VDR, VDR, Pfizer and AstraZeneca collaborated on an anti-viral drug and shared the results of their clinical trials and manufacturing processes in a secure setting. This allowed them to keep confidentiality while collaborating across continents.
A quality online vdr offers strong reporting capabilities that help keep deals on to track. For instance, VDRs can present detailed reports on the length of time each file was viewed and by whom. This is a major benefit over cloud storage services that offer only limited reports.