Advantages of an Online VDR

Keeping up with technology means that businesses are able to move quickly. However, getting caught up in the physical world can slow down the pace of progress. Traveling to meet in person, or even remote access to an actual data room takes time and money. A virtual dataroom (VDR) is a simple and cost-effective way of sharing documents in any transaction.

VDRs aid companies in managing sensitive information and ensure security throughout the process. They also improve efficiency and collaboration by providing features like in-app support as well as remote access, email and the ability to grant granular permissions. This will help in the negotiation of complicated transactions that require input from multiple parties.

Investment banks typically employ a VDR in order to facilitate mergers and acquisitions. Goldman Sachs, for example has used a VDR to oversee an agreement worth $45 billion with the US Bancorp in 2017. CBRE, a real estate services company has integrated the VDR to its workflow in order to improve document storage and sharing during property transactions. The platform has helped them better know what information prospective buyers wanted the most.

The pharmaceutical industry is not a stranger to the need for secure data management, especially when developing drugs or conducting clinical trials. Pfizer and AstraZeneca used a VDR to collaborate on an antiviral drug, and also shared clinical trial results and manufacturing processes in an environment that was secure. This allowed them to maintain confidentiality while working across continents.

A quality online vdr will also provide robust reporting capabilities that can data room features aid in ensuring that deals are being executed in a timely manner. For instance, VDRs can present detailed reports on the length of time each file has been viewed and by who. In comparison to the limited reports available with cloud storage solutions this is an important benefit.