Companies from a variety industries use vdrs in a variety of purposes. They are utilized in M&A deals and also to protect intellectual property. Auditors, legal counsel, and other external entities can also use them. Some companies use them to give documents to employees.
Many companies have to share sensitive data with third parties However, they do not want to risk the possibility that confidential documents fall into the wrong hands. Companies that own important intellectual property or proprietary data like biotech firms and pharma companies, might need to share formulas, molecules and other patents with outside labs or regulators during clinical trials. In these instances an vdr that has advanced encryption and flexible permission settings can be an extremely useful tool to ensure confidential data.
Additionally, accounting firms frequently review a company’s financial documents including balance sheets and retained earnings, as well as income and cash flow statements. They often contain sensitive data that would be harmful in the hands of competitors. A vdr allows accounting teams to collaborate instantly while preserving privacy.
Private equity funds data security and companies send monthly and quarterly reports to their investors. These documents can be quite large and require a high degree of organization in order to be easily reviewed. A vdr is a tool required to organize large files in a manner that is easily navigable for all parties. Access around the clock and easy-to-use interfaces guarantee that this critical reporting function can be accomplished quickly and effectively.
