Businesses are able to move quickly if they keep up with latest technology. However, catching up with the physical world can hinder progress. Traveling to meet in person, or connecting remotely to the physical data room is time-consuming and expensive. A virtual data room (VDR) can provide an efficient method of sharing files for any deal.
VDRs allow companies to manage sensitive data and maintain security at all times. They can also enhance collaboration and efficiency with features like in-app and email support, remote access and specific permissions. This can aid in the negotiation of complicated transactions that require inputs from multiple stakeholders.
Banks that invest in VDRs use them to facilitate mergers and acquisitions. Goldman Sachs, for example has used the VDR to oversee an agreement worth $45 billion with the US Bancorp in 2017. CBRE, the real estate services firm has integrated a VDR to its workflow in order to streamline document storage and sharing during property transactions. The platform also helped them better understand the information that customers are most interested in.
Pharma is no stranger to the security of data management. This is particularly true when developing drugs and conducting clinical trials. Pfizer and AstraZeneca employed a VDR to collaborate on an antiviral drug, and also shared the results of clinical trials and manufacturing processes in a secure environment. This allowed them to keep their confidential while collaborating across multiple continents.
A reputable online vdr provides powerful reporting capabilities that can help keep deals on track. VDRs for instance, can provide detailed reports on the length of time and by whom each file was examined. This is a significant advantage over cloud storage options that offer only limited reports.