For businesses that deal with sensitive information and intellectual property such as pharmaceutical, biotech, or medical device companies virtual data rooms provide a secure way to share files online. They can be used for audits, transactions and other things.
Businesses that are looking to establish or maintain business relationships need ways to store and transfer contracts. A virtual dataroom can be the ideal solution to collaborate on top secret projects. With the use of granular permissions, users can see only what they’re authorized to see, and all activity is documented in a complete audit trail.
One of the most popular applications for virtual data rooms is M&A due diligence. The process of merging, or acquiring another business involves a lot of documentation that must be viewed in a safe environment. Using a purpose-built VDR can help make the M&A process more efficient for both parties and protect crucial information from being hacked.
Virtual data rooms are utilized by the life science industry for everything from clinical trials to HIPAA compliance, and storage of patient files. These data rooms are most secure, and aid the industry to work more efficiently. For example small-scale startups who are in talks with investors in the future, they can analyze which investors spend the most time reading their documents, and get a clearer idea of interest levels. This information can then be used to support the case for funding and to close deals.