In this age of technology, companies are often required to share business-critical information with third-party organizations. These include accountants, legal professionals and compliance auditors as well as trusted advisors. A virtual data audit is a safe and reliable method to conduct this, without exposing your business to a breach of compliance.
VDRs are designed to simplify due diligence processes and enable collaboration between stakeholders across a variety of industries that require extensive documentation management. These include financial and legal services, real estate and private equity and many more. They are also accessible 24/7, unlike physical files that can only be accessed during the working hours.
Many VDR providers provide professional support via email, phone and chat within the app. The support team is typically multilingual and offers 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. For instance, a lack of human interaction could result in misunderstandings and errors in the process.
Moreover, some legal professionals still prefer reviewing printed documents. They claim that it is easier to make errors when you must read text on a computer for extended periods of time. The cost of errors that additional reading happen during the physical review of documents can be more than any savings that a VDR provides.
A VDR can be used to manage all of the needs of your company’s documents sharing in a secure environment, whether you are conducting an M&A, raising funds, preparing for litigation, performing audits for lease and sales transactions, or developing new drugs. Visit our FAQ page to find out more about virtual data review.
