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28 Sep 2023

Data storage is vital for businesses to run smoothly and efficiently. A reliable solution for data storage is essential for any firm, whether it’s spreadsheet, electronic file or image. Virtual data storage can ensure that the appropriate files are always accessible to right people, while also protecting confidential information.

These digital files, unlike physical files stored in filing cabinets or other storage devices are stored on secure servers. They are easily accessible to users via a website portal, application programming interfaces (APIs) or client software. These solutions allow you to share documents between internal team members, external contractors, and customers.

Some of these services provide sync of files. This makes the versions of files on devices used by end-users or local servers and in the cloud consistent. They also offer backup and recovery capabilities. These systems can be expensive however, especially for companies that manage large volumes of data.

Virtual data rooms are typically used in business deals to store and transfer sensitive documents. They can be especially useful for M&A when the parties need to perform due diligence prior to closing the deal. These services can greatly simplify the process and aid in effective communication between several parties.

The life sciences industry has its own unique data needs, including the protection of intellectual property and patents. They often are merged or raised capital. Protecting their intellectual property is therefore essential. These companies might also be required to share documents with regulatory agencies, which requires a specialized platform.