Businesses move quickly when they stay on top of the most advanced technology. But getting caught up in the physical world can slow progress. It costs money and time to go to a meeting in person or to connect remotely to a data room. A virtual dataroom (VDR) is a simple and cost-effective means of sharing documents in any transaction.

VDRs enable companies to manage sensitive data and ensure security at all times. They can also bolster efficiency and collaboration with features like in-app or email support, remote access, and specific permissions. This will help in the negotiation of complex transactions that require inputs from multiple stakeholders.

Investment banks typically use a VDR in order to facilitate mergers and acquisitions. Goldman Sachs used a VDR in 2017 to oversee an agreement worth $45 billion with US Bancorp. CBRE, an agency for real estate services that integrates the VDR to its workflow in order to streamline document storage and sharing during property transactions. The platform helped them better comprehend what information buyers wanted the most.

The pharmaceutical industry is not a stranger to the need for secure data management, especially when developing new drugs or conducting clinical trials. Pfizer and AstraZeneca utilized the VDR to collaborate on an antiviral medication, and also shared the results of click clinical trials as well as manufacturing processes within a secure environment. This allowed them to keep confidentiality while collaborating across continents.

A quality online vdr provides powerful reporting capabilities that help keep deals on to track. For example, VDRs can present detailed reports on how long each file has been viewed and by who. Compared to the limited reporting that cloud storage solutions offer This is a major advantage.