European Survey Shows Quality Customer Reference Data Critical to Digital Engagement
According to new research from Veeva Systems (NYSE: VEEV), customer data is critical to digital transformation initiatives for European life sciences companies. Findings from the Veeva 2020 European Customer Data Survey reveal that commercial data leaders recognize the value in harmonizing data for a 360-degree view of customers, with 77% citing it as the main driver for better customer data. This is especially critical as more companies transition to digital engagement as a primary way to connect with healthcare professionals (HCPs).
Nearly all (91%) respondents say customer reference data is a global strategic asset. Given the importance of customer data, more than three-quarters have a data quality initiative underway or planned, signaling an industrywide move to improve their data.
“There is increasing urgency throughout the industry to improve the accuracy of customer reference data to better support digital transformation efforts,” said Rebecca Silver, general manager, Veeva OpenData. “Having a complete, full picture of the customer is key to getting the right insights and accelerating digital engagement.”
Barriers to Data Quality and Integration
The majority of respondents (90%) say that field teams are challenged with aging and incomplete data. In fact, most (89%) say that customer data quality is a significant challenge. Issues with poor data quality are likely driving data enhancement programs, with most respondents (88%) citing data improvement as a top priority for their organization.
Over two-thirds have data that exists in multiple, unintegrated systems. This lack of integration makes it harder to access customer data. More than three-quarters cite difficulty matching all channels of data to get a single view of their customer interactions. Majorities (55%) report dissatisfaction enabling reps to engage new HCPs with real-time access to customer data.
The Need for Better Governance
Respondents show a lack of confidence in their organizations’ ability to manage customer reference data and implement successful data management strategies. More than half (57%) say their organizations lack an efficient data governance model and only 10% of companies surveyed strongly agree they are satisfied with their data governance.
Quality data is key to field performance, which explains why the majority of respondents (77%) are focused on better data access to improve sales force effectiveness. Organizations with strong data governance and initiatives to improve data management are more likely to give their reps easy access to customer profiles and fast data change requests (71% vs. 53%).
In other news today, Veeva also announced the findings of the Veeva 2020 North America Customer Reference Data Survey Report revealing that accurate customer data is essential to digital transformation efforts. Read today’s press release to learn more.
The Veeva 2020 European Customer Data Survey examines the current state of data quality within life sciences companies across Europe. The findings represent the experiences and opinions of more than 90 commercial data owners and represent all of the major European markets, with the majority of respondents from France, Italy, the UK, and Spain. Download the full results at veeva.com/EUDataSurvey.
About Veeva Systems
Veeva Systems Inc. is a leader in cloud solutions—including data, software, and services—for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 900 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. The company is headquartered in the San Francisco Bay Area, with offices throughout North America, Europe, Asia, and Latin America. For more information, visit veeva.com/eu.
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 (including the on-going impact of COVID-19), particularly within 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 July 31, 2020. 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.
Veeva 2020 European Customer Reference Data Survey
The Veeva 2020 European Customer Reference Data Survey examines the current state of customer reference data within life sciences across Europe through the opinions and experiences reported by commercial data owners. Findings indicate that the quality and integration of data need to be significantly improved.
Satisfaction with Customer Data
- Most (89%) say that customer data quality is a significant challenge for the businesses they support, with 41% in strong agreement with this statement.
- Over two-thirds of respondents (68%) report that their organization has customer data in multiple systems.
Importance of Customer Data and Data Governance
- The majority of respondents (91%) state that their organization views customer reference data as a global strategic asset.
- The importance of customer data to support life sciences strategic initiatives is well recognized, with 88% of respondents reporting that customer data is essential to launching new products or sales models.
- A minority (10%) of respondents strongly agree that they are satisfied with their data governance model.
Industrywide Move to Improve Customer Reference Data
- Organizations are changing their approach to customer data, with 78% of respondents reporting that they are undertaking or planning a customer data enhancement initiative.
- Top data enhancement initiatives include improving data access and field force effectiveness (77%), gaining a 360-degree view of customers (77%), and enhancing data quality for accurate reporting /analytics (71%).
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Disruptive Tech Asean Comments That Semiconductor Industry in China Eyes on a New Beyond the Manufacturing Of 7nm Chips3.12.2020 11:00:00 CET | Press release
Disruptive Tech Asean learnt from Li Ke from China Semiconductor Industry Association (CSIA) that an integrated circuit industry is vital for developing modern industries, and China is therefore imperative to localize chip industry supply chain and develop homegrown-core chips. Li Ke believes that China will have the ability to fully mass-produce its own 28nm chips in one or two years, as well as having a completely domestic industry chain and independent chip manufacturing capabilities. According to Gartner’s forecast at the end of 2019, the global semiconductor market would grow by 12.5% in 2020. Yet, with devastating impacts of the COVID-19 pandemic, the forecast was revised to a decline of 0.9%. According to Andrew Norwood, Research Vice President at Gartner, “COVID-19 has distorted supply chain and manufacturing operations across the world and will lead to a drastic drop in consumer and enterprise spending across most areas with a few exceptions.” The US-China trade war has also c
LivaNova and Gyrus Capital Enter into Agreement for the Purchase of Heart Valve Business3.12.2020 11:00:00 CET | Press release
LivaNova PLC (NASDAQ:LIVN), a market-leading medical technology and innovation company, and Gyrus Capital (Gyrus), an investment firm dedicated to investments in the healthcare and sustainability sectors, today announced they have entered into an agreement whereby entities funded and controlled by Gyrus will acquire the LivaNova heart valve (HV) business. The LivaNova Board of Directors unanimously approved the divestiture, which it believes will enable the Company to sharpen its focus within its primary platforms, neuromodulation and cardiovascular, and to dedicate increased resources toward executing its promising pipeline opportunities. Once the transaction is complete, Gyrus intends to focus management attention and investment on the HV business to position it to become a leading player in the surgical heart valve market globally, translating into even greater opportunities for employees, customers and patients. This press release features multimedia. View the full release here: ht
Telefonica UK (O2) and IDEMIA Working to Securely Connect 23 Million Homes in the UK With Smart Meters By 20253.12.2020 10:30:00 CET | Press release
O2 in partnership with IDEMIA, the global leader in Augmented Identity, has today supplied secure connectivity to over 4 million UK homes with a second generation Smart Meter. The rollout will continue into the future, supporting the UK government program to deploy Smart Meters for all UK households and small businesses. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201203005370/en/ (Photo: Business Wire) As part of the transition to a flexible energy market that requires a low carbon economy and sustainable consumption habits, smart meters give consumers near real-time information on energy helping them to take control of their energy usage and bring an end to estimated billing. Smart meters come with in-home displays to enable consumers to have a better understanding of their energy usage. Against that backdrop, customers using the latest generation of smart meters are reporting an average saving of around 10% per month.
Measuring What Matters: A New Approach to Assessing Sovereign Climate Risk3.12.2020 09:23:00 CET | Press release
Moody’s affiliate Four Twenty Seven today released a report analyzing the future exposure of the global population, the economy, and agriculture to a range of climate hazards, exploring both global trends and findings by country. Leveraging new analytics developed by Four Twenty Seven, the report assesses exposure to floods, heat stress, hurricanes and typhoons, rising sea levels, wildfires, and water stress and is based on the only known global dataset matching physical climate risk exposure to population location, GDP Purchasing Power Parity (PPP), and agricultural areas within countries. “This novel dataset provides a detailed view of the exposure of key human and economic assets around the world. Understanding exposure is critical for investors and credit institutions to price climate risk, but also to help direct finance flows towards adaptation and resilience where they’re most needed,” says Emilie Mazzacurati, Global Head of Moody’s Climate Solutions in Moody’s ESG Solutions Gro
PMI Commits to Disability Inclusion by Joining The Valuable 5003.12.2020 09:05:00 CET | Press release
Philip Morris International Inc.(PMI) (NYSE: PM) today announced that CEO André Calantzopoulos has joined The Valuable 500—a global movement putting disability inclusion on the business leadership agenda. Signing on to this initiative marks another significant step in PMI’s journey of advancing inclusion and diversity in the workplace. André Calantzopoulos said: “Businesses with a global operating footprint, such as PMI, can make a meaningful impact by ensuring that everyone—including individuals with a disability—can prosper in the workplace. By signing The Valuable 500, I am proud to join forces with a host of other CEOs who are challenging their organizations and the business world to broaden the focus of their inclusion and diversity efforts, and to help create a more inclusive world for the 1.3 billion people with disabilities. This is the right thing to do as part of our broader work to create a more equitable society. And it is also the smart thing to do, allowing PMI to tap int
Siemens Smart Infrastructure Chooses AWS as Its Preferred Cloud Provider for SAP Environments3.12.2020 09:01:00 CET | Press release
Today, Amazon Web Services (AWS), an Amazon.com company (NASDAQ: AMZN), announced that Siemens Smart Infrastructure, a business of the Siemens AG group focusing on energy distribution and intelligent buildings, is moving its SAP infrastructure to AWS. The business will migrate over 20 Enterprise Resource Planning (ERP) and Supply Chain Management (SCM) systems,based on SAP HANA, to AWS before the end of 2021. These systems support business-critical processes in areas such as manufacturing, operations, and sales across different business units including Building Products, Electrical Products, Digital Grid, and Distribution Systems. Moving these workloads to AWS will enable Siemens Smart Infrastructure to significantly shorten hardware refresh cycles, increase agility to test and deploy new systems, and provide the foundation for the company’s future transformation using SAP S/4HANA technology. This is the first migration of production-scale SAP systems to the cloud across the Siemens AG
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom