Virtual Data Review
In this age of technology companies are frequently required to share information that is critical to their business with third-party organizations. Legal professionals, accountants and compliance auditors are a few of the most common. A virtual data review provides an unreliable and secure method to conduct this without exposing the company to a security breach or a compliance violation.
VDRs are designed to be used in industries that require a thorough management of documents. They facilitate due diligence and allow collaboration between different stakeholders. Legal and financial services as well as real estate and private equity are a few industries that use VDRs. They are available 24/7 and unlike physical documents, which are only accessible in the office.
Many VDR providers offer professional support via email, phone and chat in-app. The staff usually speaks several languages and also provides training videos. VDRs are more affordable than physical data rooms due to the combination of these features.
However, some industry experts caution against relying too heavily on the virtual review of data. A lack of human interaction, as an example can lead to errors and confusion.
Some legal professionals prefer to read documents printed. They claim that it is more likely to make mistakes when you are forced to read the text on a computer screen for long periods of time. The cost of mistakes that occur during the physical review of documents could be greater than any savings that a VDR can provide.
A VDR can be used to manage all of your company’s document sharing needs in a secure and safe environment whether you’re conducting an M&A or raising funds in preparation for litigation, conducting audits of leasing and sales of real estate transactions or developing new drugs. To find out more about the virtual data review feature check out our FAQ page.