Better Together -€“ Veeva OpenData and Network

This video provides a focused explanation of the synergy between Veeva OpenData and Veeva Network, detailing how their combined functionality addresses the persistent challenge of data decay and unreliable customer reference data within the pharmaceutical commercial landscape. The core premise is that sales representatives require accurate, current customer data—such as HCP and HCO information—to maintain productivity, engage effectively, and ensure regulatory compliance. The video establishes that traditional data management methods, characterized by slow vendor refreshes and complex loading processes, inevitably lead to "bad data," resulting in missed opportunities for meaningful customer engagement.

Veeva OpenData is presented as the foundational solution, delivering continuous, leading-edge innovation for customer and compliance data. Its key differentiator is the proactive maintenance of data currency through real-time signaling across the industry’s largest CRM community. This approach moves beyond periodic updates, ensuring that customer data is always current and available precisely where it is needed: within the CRM system used by sales and marketing teams. A critical operational component highlighted is the role of expert data stewards who are committed to rapid inquiry resolution, with most issues being resolved in less than a day. This speed ensures that reps can quickly resume engagement activities while remaining compliant, supported by a simple, predictable pricing model that maximizes the value derived from the data asset.

The video emphasizes that while OpenData provides the reliable data, managing this data using Veeva Network unlocks maximum efficiency. The integration of OpenData and Network eliminates the complex, time-consuming data maintenance routines that typically slow down business operations. By leveraging Network’s master data management capabilities alongside OpenData’s validated data feeds, life sciences companies gain the most reliable customer data that is not only always up-to-date but also instantly available within the CRM. This seamless integration translates directly into better-informed sales representatives, enabling them to drive more meaningful and compliant customer interactions, ultimately improving commercial effectiveness.

Key Takeaways: • Data Decay is a Commercial Liability: The video stresses that outdated and untrustworthy customer reference data directly translates to missed opportunities for sales representatives to engage with customers in meaningful ways, hindering overall commercial productivity. • Proactive, Real-Time Data Updates: Veeva OpenData utilizes proactive updates and real-time signaling across the vast Veeva CRM community to ensure customer data remains current, moving beyond the limitations of slow, periodic data refreshes common with traditional vendors. • Rapid Data Stewardship for Compliance: Expert data stewards are central to the OpenData value proposition, resolving data inquiries quickly—most often in less than a day—which is crucial for enabling sales reps to maintain engagement momentum and stay compliant with regulatory requirements. • OpenData and Network Synergy: The optimal solution is the combined use of Veeva OpenData (the reliable data source) and Veeva Network (the master data management platform), which together eliminate the complex data maintenance routines that typically burden IT and commercial operations teams. • Instant Data Availability in CRM: The integration ensures that the most reliable, up-to-date customer data is instantly available within the CRM system, providing immediate value to sales and marketing teams without requiring manual loading or synchronization delays. • Enhanced Sales Productivity and Compliance: By providing reps with reliable, current data directly in their workflow, the solution drives better-informed interactions, leading to higher quality customer engagements and simplifying the process of maintaining regulatory adherence. • Focus on Maximum Data Value: The predictable pricing model and ongoing innovation associated with Veeva OpenData are designed to ensure maximum value is derived from the critical customer and compliance data assets. • Elimination of Operational Drag: Leveraging Veeva Network to manage OpenData removes the need for companies to manage complex data loading, cleansing, and synchronization processes, freeing up internal resources and accelerating business operations. • Industry-Specific Data Community: The solution benefits from the collective intelligence of the industry’s largest CRM community, which contributes to the accuracy and timeliness of the data through signaling and shared updates.

Tools/Resources Mentioned:

• Veeva OpenData
• Veeva Network
• Veeva CRM

Key Concepts:

• Customer Reference Data: The foundational information (names, addresses, specialties, affiliations) necessary for sales and marketing teams to identify and interact with healthcare professionals (HCPs) and healthcare organizations (HCOs).
• Real-Time Signaling: A mechanism used across the Veeva community to instantly flag and update changes in customer data, ensuring high data currency and accuracy.
• Data Stewards: Specialized personnel responsible for validating, correcting, and maintaining the quality and integrity of customer data within the OpenData system.
• Compliance Data: Data specifically required to ensure that commercial interactions adhere to regulatory standards (e.g., FDA, EMA, Sunshine Act reporting), which is managed and kept current by OpenData.