Businesses are able to move quickly if they stay on top of the most recent technology. But getting caught up with the physical world can hinder progress. It costs money and time to go to a meeting in person or connect remotely to a data room. A virtual dataroom (VDR) is a simple and cost-effective way of sharing documents for any deal.
VDRs help companies manage sensitive data and maintain security throughout the day. They can also enhance efficiency and collaboration by providing features like in-app support and remote access, email, and specific permissions. This can aid in the negotiation of complicated transactions that require inputs from multiple stakeholders.
Investment banks make use of VDRs to facilitate mergers and acquisitions. Goldman Sachs used a VDR in 2017 to manage an agreement worth $45 billion with US Bancorp. Real estate services company CBRE integrated the VDR into its workflow to improve document sharing and storage during property transactions. The platform also helped them better understand the information that buyers and sellers value the most.
Pharma is not a stranger to secure data management. This is especially true when creating drugs and conducting clinical trials. Pfizer and AstraZeneca employed the VDR to collaborate on an antiviral drug, and also to share clinical trials results as well as manufacturing processes within an encrypted environment. This enabled them to maintain confidentiality while collaborating across multiple continents.
A quality online vdr will also provide strong reporting capabilities, which can help ensure that deals are being executed in a timely manner. VDRs, for example can provide comprehensive reports on how long and by whom each file was viewed. This is an advantage over cloud storage solutions which only provide limited reports.
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