As the world gets more digitized, and as the COVID-19 epidemic has increased remote work, the need for sharing sensitive data securely is increasing. Virtual data rooms (VDRs), compared to physical storage, are cost-effective. They also provide access 24/7.
Investment bankers are the most frequent users of VDRs. Their processes, like IPOs and capital raising, require extensive collaboration and sharing of documents between different parties. They require granular permissions for documents and folders as well as advanced search capabilities to streamline the review process.
Many of the best VDR providers provide expert support. This can be done through live chat in-app, phone or email, and is typically multilingual. Some provide training videos, as well as dedicated teams and managers. A VDR provides advanced Leadership and Culture in the Success of M&A deal collaboration features which are not offered in traditional cloud storage. This includes document annotations including a Q&A section as well as the ability of assigning tasks. This allows teams to work together on complex business transactions. It reduces risk and accelerates the transaction cycle.