Last week, I attended the launch event for Veeva Network, a new customer master data management (MDM) offering for the life sciences industry from Veeva Systems.
Veeva invited me to be a panelist at the event, which coincided with Digital Pharma East and included participation from life sciences trade media such as BioPharm Insight, MedCityNews, Pharmaceutical Commerce, PM360 and Panorama, PharmaVOICE, PharmaLeaders, Medical Marketing and Media, MedAdNews, and Pharmalot, as well as the Philadelphia Business Journal.
Veeva Systems provides cloud-based solutions for the global life sciences industry. The company was founded in 2007 and has more than 170 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs.
The company’s flagship product is Veeva CRM, which is a cloud-based, multichannel customer relationship management solution. It has also developed Veeva Vault, a cloud-based suite of content management applications for life sciences. And now the company has announced Veeva Network, a complete customer master solution consisting of data, software and services.
Dan Goldsmith, the general manager for Veeva Network, kicked off the event. He described the solution as having three main components:
- Network Provider Database (8 million health care providers and health care organizations)
- Network Customer Master (a cloud-based MDM application)
- Network Steward Services (external data stewardship services provided by Veeva as part of the solution)
In developing Veeva Network, the company set out to do things differently – to bring together the potential of cloud computing with the power of crowdsourcing master data through participating life sciences companies.
Since Veeva has tens of thousands of users in the form of pharma sales reps out in the field making millions of calls per month using its Veeva CRM solution for tablets and laptops, there’s a large base of people keeping track of health care providers and organizations that have moved, changed their name, gotten a new phone number, added members to their practice, and so on. So the Network Provider Database is constantly being updated with the latest and greatest “ground truth” about the health care community.
The collective power of this network effect means that millions of person and organization accounts are getting the kind of face-to-face verification that most third party information providers can only dream of.
On the MDM side, the solution is purpose-built for the life sciences industry, and features tight integration with Veeva’s CRM solution. It provides search before create functionality which extends to the 8 million record provider database in the cloud, as well as the ability to submit data change requests to Veeva’s external data stewards.
With an industry-specific data model, and open Application Programming Interfaces (APIs) allowing for other data to be brought into the MDM platform, the solution brings together the Network Provider Database and the deploying company’s internal CRM information, with a strong security model specifying what is shared back to Veeva and what is private to the deploying company.
The fact that Veeva Network is a cloud-based solution means that it will be updated frequently, that it will be more cost-effective than an “on premise” MDM solution, and that its user-friendly front end will boost productivity for casual and professional users alike.
What I took away from the session is that Veeva Network:
- Is built specifically for the life sciences industry, offering significant advantages over horizontal MDM systems that require customization
- Provides tight integration to Veeva CRM, the most widely used cloud-based CRM solution in life sciences
- Is based on a multi-tenant cloud, so “no hassle upgrades” with new functionality happen automatically three times a year
- Includes reliable industry customer data, supplemented by a network effect so data gets better over time
- Offers external data stewardship, so companies can offload basic verification tasks and focus on business specific data management activities
If you’re in the life sciences industry and are interested in improving how your company handles health care provider and health care organization master data, Veeva Network is definitely worth a close look. In fact, there have already been several early customers including Eli Lilly and Company, Dyax Corp., and Accera, Inc.
Veeva Network is scheduled for general availability October 31st, 2013.
Dan Power is the publisher of Hub Designs Magazine, and the Founder & President of Hub Designs, a global management and technology consulting firm focused on strategy development, solution delivery and thought leadership for master data management (MDM) and information governance. You can contact him at http://hubdesigns.com/contact_us.html.