Being up to date with technology means that businesses move quickly. But getting caught up in the physical world can impede progress. Meeting in person, or even remotely connecting to the physical data room takes time and money. A virtual data room (VDR) can provide a convenient way to share files for any transaction.
VDRs enable companies to manage sensitive data and ensure security at all times. They can also boost efficiency and collaboration with features such as in-app and email support, remote access and specific permissions. This facilitates the negotiation of complex transactions that require input from a variety of stakeholders.
Banks that invest in VDRs use them to facilitate mergers and acquisitions. Goldman Sachs, for example, used a VDR to oversee an agreement worth $45 billion with the US Bancorp in 2017. Real estate services firm CBRE integrated the VDR into its workflow to simplify document sharing and storage during property transactions. The platform also helped them better know what information interested parties value most.
Pharma is not a stranger to the security of data management. This is particularly true when developing drugs and conducting clinical trials. Pfizer and AstraZeneca employed the VDR to collaborate on an antiviral medication, and shared clinical trials results and manufacturing processes within a secure environment. This allowed them to keep confidentiality while working across continents.
A reputable online vdr has robust reports that can aid in keeping deals on track. VDRs, for example can provide comprehensive reports on how long and by whom each file was read. This is a major advantage over cloud storage services that only offer limited reporting.