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Businesses grow quickly when they keep up with the most recent technology. But getting caught up with the physical world can slow down the pace of progress. It costs money and time to travel to a meeting in person or connect remotely to the data room. A virtual data room (VDR) can be an efficient method of sharing files for any deal.
VDRs help companies manage sensitive information and ensure security throughout the process. They can also increase efficiency and collaboration by providing features like in-app support and remote access, email, and specific permissions. This facilitates the negotiation of complex transactions that require input from a variety of stakeholders.
Investment banks utilize VDRs to facilitate mergers and acquisitions. Goldman Sachs, for example utilized a VDR to manage a $45 billion deal with the US Bancorp in 2017. Real estate services company CBRE integrated a VDR into its workflow to improve document sharing and storage during property transactions. The platform also helped them better know the data that customers are most interested in.
Pharma is no stranger to securing data management. This is especially true when developing drugs and conducting clinical trials. Utilizing VDR, VDR, Pfizer and AstraZeneca collaborated on a drug to combat viruses and shared clinical trial results and manufacturing processes in a secure environment. This enabled them to maintain confidentiality while working across several continents.
A good online vdr will also have robust reporting capabilities, which can help ensure that deals are in line. For example, VDRs can present detailed reports on how long each file was viewed and by who. When compared to the sporadic reports that cloud storage solutions offer this is an important benefit.