A virtual information room is a cloud-based platform that lets users securely exchange files and documents. These platforms come with advanced features such as streamlined user credentials, precise control of access, customizable permissions, and activity tracking.
These tools allow organizations to meet the security requirements of their projects while maintaining an efficient workflow and ensuring data privacy. VDRs also have the ability to incorporate security protocols that are based on industry standards like GDPR. These functions help ensure that users only see what they need, and prevent information breaches and misinterpretations that could delay deals and cost organizations millions.
Private equity, investment banks, firms as well as other financial institutions use VDRs to manage large quantities of confidential documents during M&A deals. These firms can conduct due diligence with the VDR to share and store files. They don’t have to risk losing sensitive information or transfer documents to third parties.
VDRs are also used extensively by life science companies, including pharmaceuticals and biotechs. To collaborate with partners in clinical trials and R&D, these businesses need to be Virtual Board Portals able to communicate securely in real time. They also have to comply with strict regulations such as HIPAA and ISO. VDRs with features like zoomable thumbnails, watermarking, as well as the ability to prevent screenshots allow life sciences firms to do just that while safeguarding their most sensitive data.
VDRs are also used for capital raising, real-estate transactions, as well as regulatory risk management. By integrating VDRs into their workflows they can collaborate on projects securely and in real-time, regardless of where they might be.