Virtual Data Review
In the age of digital companies are often required to share sensitive business data with third parties. These include legal professionals, accountants and compliance auditors as well as trusted advisors. A virtual data review is an efficient and secure way to conduct this without exposing the company to a breach or compliancy violation.
VDRs are designed to streamline due diligence processes and facilitate collaboration among stakeholders across various industries that require extensive documentation management. Legal and financial services, as well as real estate and private equity are a few industries that make use of VDRs. They are accessible anytime unlike physical files which can only be accessed during the working hours.
Many VDR providers provide professional support via phone, email and chat within the app. The staff usually speaks several languages and provides training videos. These features help make VDRs more efficient than physical data rooms.
Some experts in the field warn, however, against relying too much on virtual data reviews. A lack of human interaction, for instance, can lead to mistakes and miscommunications.
Some legal professionals still prefer to read documents printed. They claim it’s easier to make mistakes when reviewing text on a screen for long periods of time under tight time constraints. Furthermore, the costs caused by errors during physical document review can outweigh the upfront cost savings of VDRs. VDR.
A VDR can be used to manage all of the needs of your company’s documents sharing in a secure setting, whether you’re conducting an M&A or raising funds or preparing for litigation, conducting audits for leasing and sales of real estate transactions or developing new drugs. Visit our FAQ page to find out more about virtual data review.