In this age of technology businesses are often required to share critical business information with third-party organizations. This includes accountants, lawyers and compliance auditors, as well a number of trusted advisors. A virtual data audit is a safe and reliable way to do this, without exposing your company to any breach of compliance.
VDRs are designed to simplify due diligence procedures and facilitate collaboration between stakeholders in a variety of industries that require extensive documentation management. These include financial and legal services as well as real estate and private equity, among others. They are also available all the time, unlike physical files that are only accessible during 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 additional info combination of these features.
However, some industry experts caution against excessive reliance on virtual data review. Insufficient human interaction, for instance could lead to errors and errors in communication.
Furthermore, some legal professionals still prefer reviewing printed documents. They argue that it’s more difficult to make mistakes when looking at text on a monitor for hours with a limited time limit. The cost of errors that occur during physical document review could outweigh any savings that a VDR provides.
A VDR can be used to handle all of your company’s document sharing requirements in a safe environment, whether you’re conducting an M&A, raising funds or preparing for litigation performing audits for leasing and sales transactions, or creating new drugs. Visit our FAQ page to find out more about virtual data review.