Businesses move quickly when they are up to date with most advanced technology. However, being caught up in the physical world can impede progress. Meeting in person, or even remote access to the physical data room costs time and money. A virtual data room (VDR) can be an efficient way to share files in connection with any deal.
VDRs help companies manage sensitive information and ensure security throughout the process. They can also enhance productivity and collaboration by offering features like in-app or email support, remote access and granular permissions. This helps facilitate the negotiation of complex transactions that require input from a range of stakeholders.
Investment banks make use of VDRs to facilitate mergers and acquisitions. Goldman Sachs used a VDR in 2017 to manage a $45 Billion deal with US Bancorp. CBRE, an agency for real estate services, integrated a VDR to its workflow in order to improve document storage and sharing during property transactions. The platform also helped them better know what information customers are most interested in.
Pharma is no stranger to securing data management. This is especially true when creating drugs and conducting clinical trials. Using an VDR, Pfizer and AstraZeneca collaborated on an anti-viral drug and shared the results of their clinical trials and manufacturing processes in a secure environment. This allowed them to keep confidentiality while working across continents.
A reputable online vdr comes with powerful reporting capabilities that can help to keep deals on course. VDRs are, for instance, can provide detailed reports about how long and by whom each file was seen. This is a major benefit over cloud storage solutions which only provide limited reports.
