The customer engagement ecosystem within life science companies is undergoing significant changes following Veeva’s announcement to depart from the Salesforce platform and transition to their proprietary Vault CRM.
In a recent whitepaper, I delved into key players within the next-generation CRM platform domain. Although there remains a noticeable lack of information regarding certain puzzle pieces, this blog will explore an approach to assessing the optimal direction for CRM technologies, validated through testing across multiple customers.
The current dynamics compel commercial and IT teams to be creative in defining an appropriate framework for technology selection. In fact, the standard software evaluation approach proves inadequate as a substantial portion of data points remains unavailable. Veeva has announced concrete available modules and release dates, whereas Salesforce offers a date and a high-level scope description. IQVIA has not reacted to the market announcement with any OCE updates. Because of this, making a comprehensive data-driven decision becomes challenging. Nonetheless, time is of the essence, and companies cannot afford to remain stagnant.
While conclusive decisions may not be achievable, we recommend initiating a cyclical evaluation process of the various solutions present in the market. This assessment should be performed on an ongoing basis and adapt to new information as it emerges. By adopting this approach, organizational alignment is enhanced, and blind spots are minimized. Additionally, it ensures companies are geared to make well-informed decisions when they have sufficient data points. Furthermore, it promotes a more agnostic and objective view on vendors, especially if companies have relationships with all three key players. Lastly, the cyclical approach includes multiple interactions with software providers, empowering companies to challenge the status quo.
The cyclical approach centers around five sequential steps that must be reiterated multiple times:
The ultimate goal of defining an appropriate framework for technology selection is to guarantee that companies adopt the most effective approach in defining next-generation platforms. Given the typically extensive lifespan of systems in the life sciences industry (sometimes spanning a decade), it becomes crucial to thoroughly evaluate and analyze all components and their impact.
Want to know more?
If you’re interested in how we can deploy a similar solution tailored to your needs, reach out to Luca Morreale. We are happy to guide you on your journey.
Vice President, Head of Customer Engagement