As the world becomes increasingly digital, and the COVID-19 epidemic has increased remote work, the necessity of sharing confidential information securely is increasing. As compared to physical storage, virtual data rooms (VDRs) are cost-effective and enable 24/7 access.

Investment bankers are among the most frequent users of VDRs. Their processes, such as IPOs and capital raising, require extensive document sharing and collaboration among several parties. They often need to have the ability to grant specific permissions to documents and folders and advanced search functionality to streamline the review process.

A majority of the top VDR https://dataroomtools.com/the-rise-of-virtual-data-rooms-in-today-s-digital-business-environment/ providers offer expert customer support. This can be accomplished via live chat in the app, phone or email and is usually multilingual. Some also provide training videos and even dedicated teams and managers. In addition to these functions the VDR offers advanced collaboration capabilities that regular cloud storage solutions don’t offer. These include document annotations, sections for Q&A and the ability to assign tasks. This allows teams to collaborate on complicated business transactions. It reduces risk and accelerates the transaction cycle.