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.
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“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.
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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%).
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