As the world gets more digitized, and as the COVID-19 epidemic has increased remote work, the necessity of sharing sensitive information securely is increasing. Virtual data rooms (VDRs) in comparison to physical storage are more cost-effective. They also permit access 24/7.
Investment bankers are among the most common users of VDRs because their processes such as IPOs, capital raising and M&A require extensive document sharing and collaboration with many parties. They often need to have restricted access to documents and folders as well as advanced search features to simplify the review process.
Many of the leading VDR providers provide expert customer support. This can be done through live chat in-app, phone or email, and is typically multilingual. Some also provide training videos and dedicated managers and teams. A VDR has advanced collaboration features that aren’t available in traditional cloud storage. This includes document annotations, a Q&A section and the ability of assigning tasks. This allows teams to work together when dealing with complex business transactions. It reduces risk and increases the speed of deal execution.