Majority of companies view customer reference data as a strategic
asset, but only 22% are satisfied with the quality of their data
PLEASANTON, Calif.--(BUSINESS WIRE)--
There is a significant industrywide shift underway to improve the
quality of customer data, according to new research by Veeva
Systems (NYSE:VEEV). TheVeeva
2018 Customer Reference Data Survey reveals that 86% of life
sciences professionals view customer data as a strategic business asset
to sales operations, but only 22% are satisfied with the data quality
from their primary customer reference data provider.
Consistent with the industry’s need for more accurate customer data to
support business goals, most companies (87%) have a data quality
initiative underway or plan to implement one. A majority of respondents
(79%) identified at least three priorities for their customer reference
data. Complete and real-time views of the customer (66%) was their top
area of focus, followed by managing sales execution (55%) and enabling
multichannel engagement (51%).
“Customer data is moving from a commodity to an integral component that
drives business performance in the life sciences industry,” said Rebecca
Silver, vice president of Veeva OpenData. “There is significant
potential to empower sales teams with more accurate and complete
customer data to improve sales productivity and stakeholder engagement
with healthcare decisionmakers.”
Major focus on affiliations and hierarchy data
Respondents cite a significant need to improve the quality of
affiliations and hierarchy data for improved sales effectiveness.
Affiliations and hierarchy data gives sales representatives a full view
of a healthcare delivery network to map out a holistic engagement
strategy or focus on a particular hospital.
The majority (89%) of companies use or plan to use affiliations and
hierarchy data to implement key account selling and specialty sales
models. Though this data is crucial to healthcare provider access, only
15% are satisfied with their affiliations and hierarchy data to support
daily sales operations. This hinders sales representatives from calling
on group practices and securing contracts with large healthcare systems.
Primary drivers for data quality improvements
High quality customer reference data can help support digital
transformation initiatives and enable companies to take advantage of new
technologies such as artificial intelligence. Organizations are also
launching data initiatives to reach new markets and make better business
decisions.
The top drivers for data improvement initiatives include the need to
improve targeting, segmentation, and alignment (69%), as well as better
customer insight (53%). Although respondents have data quality
initiatives underway, more than half (56%) note two or more barriers to
improvement. The two biggest roadblocks are the need to cross reference
multiple customer data sources (54%), followed by limitations of their
primary data provider (41%).
The Veeva
2018 Customer Reference Data Survey explores the current state
of customer reference data utilized by the life sciences industry by
gathering feedback from 125 U.S. operations, sales, marketing,
regulatory, and IT professionals. The goal of the research is to
understand the priorities, drivers, barriers, and progress toward
accurate, high quality customer data and its role in advancing the
business. Download the full survey results at veeva.com/DataSurvey.
Additional Information
Connect with Veeva on LinkedIn: linkedin.com/company/veeva-systems
Follow @veevasystems on Twitter: twitter.com/veevasystems
Like Veeva on Facebook: facebook.com/veevasystems
About Veeva Systems
Veeva Systems Inc. is a leader in cloud-based software for the global
life sciences industry. Committed to innovation, product excellence, and
customer success, Veeva has more than 675 customers, ranging from the
world's largest pharmaceutical companies to emerging biotechs. Veeva is
headquartered in the San Francisco Bay Area, with offices throughout
North America, Europe, Asia, and Latin America. For more information,
visit veeva.com.
Forward-looking Statements
This release contains forward-looking statements, including the market
demand for and acceptance of Veeva’s products and services, the results
from use of Veeva’s products and services, and general business
conditions, particularly in the life sciences industry. Any
forward-looking statements contained in this press release are based
upon Veeva’s historical performance and its current plans, estimates,
and expectations, and are not a representation that such plans,
estimates, or expectations will be achieved. These forward-looking
statements represent Veeva’s expectations as of the date of this press
announcement. Subsequent events may cause these expectations to change,
and Veeva disclaims any obligation to update the forward-looking
statements in the future. These forward-looking statements are subject
to known and unknown risks and uncertainties that may cause actual
results to differ materially. Additional risks and uncertainties that
could affect Veeva’s financial results are included under the captions,
“Risk Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” in the company’s filing on Form
10-Q for the period ended October 31, 2018. This is available on the
company’s website at veeva.com
under the Investors section and on the SEC’s website at sec.gov.
Further information on potential risks that could affect actual results
will be included in other filings Veeva makes with the SEC from time to
time.
View source version on businesswire.com:
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Roger Villareal
Veeva Systems
925-264-8885
roger.villareal@veeva.com
Lisa Barbadora
Veeva Systems
610-420-3413
pr@veeva.com
Source: Veeva Systems Inc.