Advantages of an Online VDR

Staying current with technology means that businesses can move fast. However, catching up with the physical world can slow the pace of progress. Meeting in person, or remotely connecting to a physical data room, is time-consuming and expensive. A virtual dataroom (VDR) is a simple and cost-effective means of sharing documents in any transaction.

VDRs allow companies to manage sensitive data and ensure security at all times. They can also boost efficiency and collaboration by providing features like in-app and email support, remote access, and the ability to grant granular permissions. This will help in the negotiation of complex transactions that require inputs from multiple parties.

Investment banks typically employ a VDR when facilitating mergers and acquisitions. Goldman Sachs, for example, used a VDR to oversee a $45 billion deal with the US Bancorp in 2017. CBRE, a real estate service company that integrates the VDR to its workflow in order to simplify document storage and sharing during property transactions. The platform helped them to better discern what information the parties were most interested in.

Pharma is no stranger to securing data management. This is particularly true when developing drugs and conducting clinical trials. Utilizing a VDR, Pfizer and AstraZeneca collaborated on a drug to combat viruses and shared results from clinical trials and manufacturing processes in a secure environment. This enabled them to maintain confidentiality while collaborating across multiple continents.

A good online vdr will also provide strong reporting capabilities, which will help ensure that deals are being executed in a timely manner. VDRs can, for instance offer detailed reports about how long and the number of times each file was viewed. When compared to the sporadic reports that cloud storage solutions offer, this is a significant benefit.

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