Advantages of an Online VDR

Being up to date with technology means that businesses move swiftly. However, being caught up in the physical world can slow down progress. It costs money and time to go to a meeting in person or connect remotely to the data room. A virtual dataroom (VDR) is a convenient 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 collaboration and efficiency with features like in-app or email support, remote access and granular permissions. This can aid in the negotiation of complicated transactions that require input from multiple parties.

Investment banks use VDRs to facilitate mergers and acquisitions. Goldman Sachs used a VDR in 2017 to manage a $45 billion deal with US Bancorp. CBRE, a real estate service company that integrates a VDR to its workflow in order to improve document storage and sharing during property transactions. The platform also helped them better comprehend the information that customers are most interested in.

Pharma is not a stranger to securing data management. This is especially the case when developing drugs and conducting clinical trials. With a VDR, Pfizer and AstraZeneca collaborated on a drug to combat viruses and shared results from clinical trials and manufacturing processes in a secure setting. This allowed them maintain confidentiality while working across different continents.

A good online vdr also offers strong reporting capabilities that will aid in keeping deals on to track. For instance, VDRs can present detailed reports of how long each file has been viewed and by who. In comparison to the limited reports available with cloud storage solutions, this is a significant advantage.

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