Virtual data solutions enable central access to data via either a cloud or an on-premises environment. It allows companies to consolidate data from various sources without the requirement for physical replicas or storage costs. The centralized data strategy allows businesses to increase their business efficiency, as well as innovate using digital tools that are connected and offer secure, reliable access to data.
Law firms use VDRs to share confidential documents with clients, and third parties in a variety of scenarios like class-action lawsuits and merger negotiations. The software helps them organize and communicate confidential information quickly, and boosts efficiency by removing the requirement to schedule meetings to review documents.
Venture capital and private equity firms often study multiple deals at the same time, resulting in huge amounts of data that requires organization. They use VDRs to share information and streamlining the process so that they do not forget about the project.
Life science companies have to keep indefinite amounts of R&D data. They must also protect the data and share it with investors. VDRs aid in managing the process efficiently, and improve communication by allowing them to track document activity and send customized reports.
Companies in the manufacturing and energy sectors use VDRs to streamline their operations, ensure data management, and integrate with new technology. They also benefit from a scalable infrastructure and flexible pricing models. For instance, iDeals’s VDR offers different pricing structures dependent on the type of project, required features, security requirements, and level of support.