As the world gets more digitized, and as the COVID-19 epidemic has accelerated remote work, the necessity of sharing confidential information securely is growing. Compared to physical storage, virtual data rooms (VDRs) are cost-effective and allow access 24/7.
Investment bankers are among the top users of VDRs because their processes, such as IPOs, capital raising and M&A require extensive document sharing and collaboration with multiple parties. They require granular permissions for documents and folders, and advanced search capabilities that can speed up the review process.
Many of the best VDR providers provide expert support. It can be handled via in-app live chat or phone, and generally, it is multilingual. Some also offer training videos, as well as dedicated managers and teams. In addition the VDR offers advanced collaboration capabilities that regular cloud storage solutions don’t have. This includes document annotations, a Q&A section and the ability of assigning tasks. This allows you to work with teams working on complex business transactions. In the end, it reduces the risk and speeds up deal cycles.
