Veeva Systems Inc (NYSE:VEEV) and ZS Associates announced a strategic partnership to accelerate the life sciences industry’s move to more customer-centric engagement. The companies are joining forces to deliver innovation in customer data and data science for better marketing and sales effectiveness across all channels.
“We are proud to forge a strategic partnership with Veeva, a company that shares our vision for solving the industry’s most challenging commercial problems,” said Jaideep Bajaj, ZS chairman in his keynote address to an audience of nearly 1,000 industry leaders at VeevaCommercial Summit. “Closer collaboration with Veeva and tighter product alignment of our solutions is a win for the industry. Together, we can offer more innovation faster and with the confidence of trusted partners.”
The Veeva and ZS strategic partnership will initially focus in two key areas ripe for innovation:
Data Science – ZS has become a Veeva Data Science partner. Powered by data science in ZS’s Suggestion Engine, Veeva CRM Suggestions recommends the best actions and channels to reps to improve sales effectiveness. With this partnership, companies can now leverage ZS’ leading Orchestrator Rep solution to seamlessly deliver recommendations right within Veeva CRM.
Customer Data – ZS has joined the Veeva OpenData Partner Program allowing fast, simple integration of Veeva OpenData healthcare provider, healthcare organization, and affiliations data with ZS’ data solutions.
Veeva OpenData is a bold new approach providing life sciences companies with customer data that is open, easy, and global. Veeva OpenData delivers millions of complete customer profiles with consistent standards of quality around the world. It features fair and simple pricing and offers the freedom to use data how and where customers need it, without restrictive contracts or complicated three-party agreements.
“Grappling with an overwhelming amount of disparate information, the life sciences industry struggles to get a complete understanding of the customer and determine the next best actions,” added Dharmendra Sahay, technology capability lead and managing principal at ZS. “Armed with complete, up-to-date customer data from Veeva, and integration of our Suggestion Engine solution with Veeva CRM Suggestions, companies finally have the ability to prompt the right interactions and channel mix, and do so with consistency across the entire organization.”
“Sales and marketing in the life sciences industry are undergoing a remarkable transformation,” said Matt Wallach, president and co-founder ofVeeva Systems. “Veeva and ZS’ strategic partnership will help customers with the right strategies, skills, and advanced technology to thrive in this new customer centric environment.”
Also at its Commercial Summit today, Veeva announced Veeva CRM Suggestions, an upcoming capability in Veeva CRM that leverages data science to recommend the best actions and channels to field reps for greater sales effectiveness. The company also announced two major new Veeva Commercial Cloud products available this July, Veeva Align for faster, more accurate sales territory alignments and Veeva CRM Events Management that will allow companies to better manage all events, and do so with greater compliance. (Original Source)
Shares of Veeva Systems Inc closed yesterday at $26.31 . VEEV has a 1-year high of $33.66 and a 1-year low of $20.79. The stock’s 50-day moving average is $27.30 and its 200-day moving average is $27.89.
On the ratings front, Veeva Systems Inc has been the subject of a number of recent research reports. In a report issued on May 29, Canaccord Genuity analyst Richard Davis maintained a Buy rating on VEEV, with a price target of $36, which implies an upside of 36.8% from current levels. Separately, on March 4, Deutsche Bank’s Karl Keirstead downgraded the stock to Hold and has a price target of $30.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Richard Davis and Karl Keirstead have a total average return of 6.5% and 11.8% respectively. Davis has a success rate of 56.7% and is ranked #437 out of 3619 analysts, while Keirstead has a success rate of 61.3% and is ranked #439.
Veeva Systems Inc is a provider of industry-specific, cloud-based software solutions for the life sciences industry.