The constant advancement of technology requires that businesses are able to move quickly. However, getting caught up in the physical world can impede progress. Traveling to meet in person, or remote access to an actual data room takes time and money. A virtual dataroom (VDR) is a simple and cost-effective way to share documents in any transaction.

VDRs help companies manage sensitive data and ensure security at all times. They can also increase efficiency and collaboration by providing features such as in-app assistance and email, remote access, and granular permissions. This can help facilitate the negotiation of complex transactions that require input from a variety of stakeholders.

Investment banks often use VDRs. VDR when facilitating mergers and acquisitions. Goldman Sachs, for example, used the VDR to facilitate the $45 billion deal it signed with the US Bancorp in 2017. CBRE, an agency for real estate services that integrates a VDR to its workflow in order to simplify document storage and sharing during property transactions. The platform also helped them better understand the information that interested parties value most.

The pharmaceutical industry is no stranger to the necessity of secure data management, particularly when developing drugs or conducting clinical trials. Pfizer and AstraZeneca employed the VDR to collaborate on an antiviral drug, and also shared clinical trial results and manufacturing processes in an encrypted environment. This enabled them to maintain confidentiality while collaborating across multiple continents.

A good online vdr should also have robust reports, which can aid in ensuring that deals are in line. For instance, VDRs can present detailed reports on how long each file has been watched and by whom. This is a significant advantage over cloud storage solutions that only provide limited reporting.