Vdrs are utilized by companies across many different industries for a variety of reasons. They are utilized in M&A deals and to protect intellectual property. They are also utilized by auditors, legal counsel and other external parties. Some businesses use them to provide documents to their employees.
Many companies have to share sensitive data with other parties however they do not want to risk the possibility that confidential documents fall into wrong hands. Companies that own important intellectual property or proprietary data like biotech companies and pharma companies, might need to share formulas, molecules and other patents with regulators or other outside labs during clinical trials. In these scenarios it is essential to have a vdr equipped with advanced encryption and specific settings for permissions can be a powerful tool to protect data.
Accounting firms also scrutinize financial documents, such as balance sheets retained earnings, cash flow statements. These documents often contain sensitive information that could be harmful to by a competitor. A vdr allows accounting teams to work in a single moment, while maintaining the privacy of their employees.
Private equity funds and firms submit monthly and quarterly reports to their investors. These documents can be quite big, and require a great level of organization to be viewed quickly. A vdr has the tools needed to manage these large documents in a logical way that is accessible to all. This crucial reporting function can be accomplished quickly and efficiently by means of user-friendly interfaces as well as 24/7 access.