Companies grow quickly when they keep up with the most advanced technology. But getting caught up with the physical world can slow progress. Traveling to meet in person, or even connecting remotely to a physical data room, requires time and money. A virtual data room (VDR) can be a convenient way to share files for any deal.
VDRs help companies manage sensitive data and ensure security throughout the day. They can also boost efficiency and collaboration by offering features such as in-app assistance and remote access, email, and specific permissions. This can aid in the negotiation of complex transactions that require inputs from multiple parties.
Banks that invest in VDRs use them to facilitate mergers and acquisitions. Goldman Sachs, for example utilized the VDR to manage the $45 billion deal it signed with the US Bancorp in 2017. Real estate services company CBRE integrated the VDR into its workflow to streamline document sharing and storage during property transactions. The platform also helped them know what information buyers and sellers value the most.
Pharma is no stranger to secure data management. This is especially the case when developing drugs and conducting clinical trials. Pfizer and AstraZeneca used VDRs VDR to collaborate on an antiviral medication, and also shared clinical trial results and manufacturing processes within an encrypted environment. They were able to keep their information private while working across several continents.
A quality online vdr will also offer strong reporting capabilities that can aid in ensuring that deals are in line. VDRs, for example, can provide detailed reports of how long and the number of times each file was read. This is a significant advantage over cloud storage services which only provide limited reports.