In the digital age 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 audit is a safe and reliable way to do this, without exposing your company to a breach of compliance.

VDRs are designed to be used in industries that require thorough document management. They facilitate due diligence and allow collaboration between all stakeholders. These include financial and legal services including real estate, as well as private equity, among others. They are accessible 24/7 and unlike physical documents, which can only be accessed through the office.

Many VDR providers provide professional support via email, phone and chat in-app. The team is usually multilingual and has training videos. VDRs are more cost-effective than physical data rooms because of these features.

However, some industry experts warn against over-reliance on the virtual review of data. For instance, a lack of human interaction may lead to miscommunication and mistakes during the process.

Furthermore, some legal professionals still prefer reading printed documents. They argue that it's more difficult to make mistakes when reviewing text on a computer screen for hours under tight time constraints. Additionally, the costs associated with errors during review of physical documents can surpass the initial cost savings of a VDR.

A VDR can be used to handle all of your company's document sharing requirements in a secure setting, whether you're conducting an M&A, raising funds or preparing for litigation, conducting audits on lease and sales transactions, or experimenting with new drugs. Please visit our FAQ page to learn more about virtual data review.