Veeva Systems Inc. Strengths, Domain Expertise, and Key Differentiators
Veeva Systems provides cloud solutions for the life sciences industry spanning the full drug development lifecycle from clinical through commercial. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. Within the life sciences industry cloud, we have two main areas that we serve customers - Veeva Development Cloud and Veeva Commercial Cloud. Veeva Development Cloud spans clinical data management and operations, quality processes, regulatory, and drug safety. Veeva Commercial Cloud spans medical affairs and commercial. Our solutions include software, data, implementation services, and business consulting.
The areas that differentiate Veeva are software leadership, industry expertise, product excellence, focus on customer success, and our company culture and values. Cloud Software Leadership & Deep Industry Expertise. Veeva has a unique combination of best in breed software engineering practices and life sciences experts with years of deep industry experience. This in-depth perspective of the needs of life sciences organizations allows us to develop targeted solutions for our customers, quickly adapt to regulatory changes, and incorporate highly relevant enhancements to our existing solutions at a rapid pace.
Our product development process begins with assembling and investing in strong product teams focused on building very deep, best-in-class applications in every product market we serve. Through innovative cloud technology, we also aim to eliminate disparate systems by delivering unified application suites that work together on a common platform. When customers buy Veeva, they are getting an appreciating asset.
Over the years we have forged strong relationships with the life sciences industry. Veeva now has 47 of the world's top 50 pharmaceutical companies as customers and support over 1,000 customers globally. A number of these relationships span more than a decade—the entire lifespan of our company.
Veeva has quickly grown to one of the most important providers to life sciences. See graphic from IDC below. They periodically survey life sciences leaders on who their most important providers are and where they will spend the most for the upcoming year.
Since our founding 14 years ago, Veeva has been charting our own path with a vision that industry-specific cloud software, data, and services could be transformative. In pursuing that vision, it has been guided by core values: do the right thing, customer success, employee success, and speed.
Veeva Systems Inc. Recent Developments
In October 2021, Veeva Systems launched a new solution to significantly advance clinical trial execution by providing a complete and connected technology ecosystem that spans patients, research sites, and trial sponsors. The Veeva Digital Trials Platform is available now for early adopters.
The comprehensive product offering includes the following core solutions: - Veeva Vault Clinical Suite, the leading clinical operations and clinical data management technology for sponsors and CROs. Vault Clinical Suite has expanded to include Site Connect and eConsent, which are available today. ePRO, Virtual Visits, eSource, and Sensor Data are planned for future releases. - Veeva SiteVault Free, an application for sites to modernize their operations and run connected clinical trials with sponsors using Vault Clinical Suite. - MyVeeva for Patients, a single, intuitive application that makes it easy for patients to participate in clinical research.
In October 2019, Veeva Systems released Veeva SiteVault Free, a free eRegulatory solution built specifically for clinical research sites. Veeva SiteVault allows sites to more effectively manage regulatory documents and trial processes to speed study activation and improve investigator site file management. Now all sites can have access to a modern cloud solution to streamline trial activities and accelerate clinical research.
In September 2021, Veeva Systems unveiled Veeva Vault LIMS, a new cloud application to modernize quality control (QC) lab operations. The addition of Vault LIMS to the Veeva Vault Quality Suite enables manufacturing organizations to seamlessly connect their lab operations with the broader quality ecosystem. This streamlines sample management, test execution, and lab investigation processes for faster batch release and reduced inventory carrying costs.
In August 2019, Veeva Systems released a new quality risk management (QRM) capability in Veeva Vault QMS. With QRM capabilities now available in Vault QMS, quality risk management is automated and unified with existing quality management processes to manage quality across the product lifecycle. Vault QMS allows companies to proactively assess and manage all types of risks and prioritize resources across multiple areas – all in a single system. Now organizations can have complete visibility into quality processes to enhance patient safety and remain compliant with global regulations. Veeva Systems released Veeva Vault Safety.AI, a new artificial intelligence (AI) application that automates case intake to reduce the time and effort of manual data entry for more efficient case processing. Together with Vault Safety and Vault SafetyDocs, Veeva offers the first integrated suite of cloud applications on a common platform to manage the end-to-end drug safety lifecycle, from case intake and adverse event processing to authoring and submissions. Veeva Systems released Veeva CRM’s real-time architecture and Autosync capability which ensures all information is consistent across all devices. Activity, customer, and product data will automatically synchronize and always be available from any Apple and Windows phone, tablet, and laptop. With advanced mobile innovations in Veeva CRM, field teams can access the information they need for improved execution and productivity.
In May 2019, Veeva Systems launched Veeva Andi, a new artificial intelligence (AI) application that embeds tailored insights and suggestions right in Veeva CRM for intelligent customer engagement. We also announced Veeva Vault Auto Claims Linking, a new AI capability in Veeva Vault PromoMats that will help improve the speed and compliance of content development. Vault Auto Claims Linking uses AI to suggest links from claims to related references, reducing the administrative burden and risk of managing claims across countries, channels, and assets.
In April 2019, Veeva Systems introduced Veeva Vault Station Manager, a new mobile application in the Veeva Vault Quality Suite that provides manufacturing operators up-to-date content directly on the manufacturing floor. Vault Station Manager delivers documents and videos, including critical work instructions and procedures, from Veeva Vault QualityDocs to tablets located at manufacturing stations. Now organizations can enable a connected shop floor to make manufacturing operations more agile and adapt to changing business requirements with greater speed.
Veeva Systems Inc. Mergers and Acquisitions (M&A) Activities
In December 2021, Veeva Systems acquired Veracity Logic, a provider of cloud software for randomization and trial supply management (RTSM). The Veracity Logic team will join Veeva to deliver industry-leading software and services, helping companies simplify complex processes and expedite clinical trials. The solution, offered as Veeva RTSM, delivers fast setup timelines and a configurable feature set to meet a broad array of randomization and supply needs. It has supported over 175 trials with sites in 60 countries, covering a range of trial designs and complexities across all therapeutic areas in pharma/biotech, medical device, and diagnostics.
In August 2021, Veeva Systems acquired Learnaboutgmp, provider of accredited GxP training for life sciences. With more than 170 course titles and over 450 microlearning assets, Learnaboutgmp delivers a comprehensive eLearning library to help organizations develop high-impact learning programs that reduce cost and improve training outcomes.
Veeva Systems Inc. Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Veeva Systems Inc. applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Veeva Systems Inc. and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Veeva CRM, Veeva Network Customer Master, Veeva OpenData, Veeva Vault customers.
Veeva Systems Inc. Overview
Ownership: - NYSE:VEEV
Number of Employees: 5412
Key Verticals: Life Sciences,
Veeva Systems Inc. Key Enterprise and Cloud Applications
Veeva CRM, Veeva Network Customer Master, Veeva OpenData, Veeva Vault
Veeva Systems Inc. Revenues, $M:
|Type/Year||2019||2020||YoY Growth, %|
|Total Revenues, $M||Subscribe||Subscribe||Subscribe|
|Enterprise Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Veeva Systems Inc. Revenue Breakdown By Type, $M:
|Type||License||Prof. Services||Hardware||Support & Maintenance||SaaS||PaaS||IaaS||Other (Non Enterprise Application Revenues)||Total|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||100%|
Veeva Systems Inc. Enterprise Applications Revenues By Functional Markets, $M:
Veeva Systems Inc. Enterprise Applications Revenues By Verticals, $M:
Veeva Systems Inc. Revenues By Region, $M
|Region||% of Total Revenues||2020 Total Revenues, $M||2020 Enterprise Applications Revenues, $M||2020 Cloud Applications Revenues, $M|
Veeva Systems Inc. Direct vs Indirect sales
|Region||Direct Sales||Indirect Sales||Total|
Veeva Systems Inc. Customers - Breakdown by Geo, Size, Vertical and Product
No. of Veeva Systems Inc. Customers: 1000
No. of Veeva Systems Inc. Enterprise Applications Customers: 1000
No. of Veeva Systems Inc. Cloud Customers: 1000
No. of Veeva Systems Inc. Cloud Subscribers: x
Veeva serves more than 1,000 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. Our customers include 47 of the top 50 largest global pharmaceutical companies.
Veeva Systems Inc. Market Opportunities, M&A and Geo Expansions
The biggest challenge for Veeva as an organization will remain “speed.” With an aggressive goal to be a 10,000 employee, $3 billion revenue company by the year 2025, careful management decisions will need to be made to ensure that teams are able to maintain Veeva’s current “autonomy over alignment” ethos.
Veeva Systems Inc. Risks and Challenges
The markets Veeva participate in are highly competitive and if we do not compete effectively, our business could be adversely affected. If our security measures are breached, customers may stop using our solutions and we may incur significant liabilities.
Veeva Systems Inc. Ecosystem, Partners, Resellers and SI
Veeva sells its solutions via its direct sales force. To be the most strategic technology vendor for our customers, we believe in providing a robust and collaborative ecosystem of trusted technology, service, content, and data partners that complement our solutions and help our customers achieve success. Below is a count of Veeva partners by category: 100+ Technology , 100+ Service, 700+ Content, 100+ Data.
Partners who meet our quality standards and specific criteria are encouraged to join the appropriate program and to pursue certification based on their area of expertise. Veeva reviews the program level and partner feedback each year to determine whether continued partnership is in the best interest of customers, the partner, and Veeva. In addition to the partner program members, Veeva has a select group of strategic technology partners such as Adobe, Apple, AWS, CVENT, Microsoft, SAP Concur, Salesforce, and Zoom. These companies provide key technology for Veeva’s products and solutions. The types of programs we provide for partners include the following: Technology Partners provide customers with an ecosystem of proven products, services, and high-quality integrated solutions that customers can trust to help them succeed. Companies that join the Veeva Technology Partner Community are able to expand business opportunities and capabilities, better serve customers, and build connections with fellow industry leaders. The Technology Partner Program includes three tiers that correspond with the partner’s level of Veeva solution expertise and intention of development; customer experience; and strategic investment with Veeva. Key Technology Partners include those named above, as well as Okta, Ping, Aktana, Qlik, and ZS Associates; Services and Implementation Partners provide business and IT consulting, solution delivery support and innovative services to help customers meet regional and industry-specific business and regulatory requirements. In collaboration with our services partners, we align to deliver complex projects with speed and high quality, while reducing operating costs, meeting regulatory and compliance requirements, and delivering value to drive customer success. Key services partners include Cognizant, PWC, Accenture, Capgemini, Deloitte, and Valiance; Veeva’s Content Partners, often agencies, are trained and supported to assist our customers at every stage of the content journey. These partners span a broad range of life science disciplines and develop content for commercial, medical, consumer health and market access clients. Content partners are required to certify on the specific products that they support; The Veeva OpenData Partner Program is designed to provide an accessible, trained ecosystem to make it easy for life sciences companies to gain value from their customer data. This program gives companies the ability to sign a third-party agreement providing them with unrestricted access to Veeva OpenData, when working with shared customers. Veeva OpenData partners also have access to a certification program to distinguish themselves as Veeva OpenData experts, and receive marketing, field and product support from Veeva.
While Veeva partners are not resellers, nor do we leverage partners for lead generation, they indirectly contribute to the revenue stream by providing complementary solutions and services to Veeva offerings. Customers look to Veeva to make recommendations for suppliers with high quality solutions and services where Veeva doesn’t offer certain functionality. Together we provide a full solution set that saves customers time, reduces IT and services costs, and speeds time to value.
Veeva Systems Inc. Cloud Infrastructure Insights
Subscribe to read more about:
- Veeva Systems Inc. Public Cloud and Infrastructure (IaaS)
- Veeva Systems Inc. Platform (PaaS)
- Veeva Systems Inc. Application Delivery
- Veeva Systems Inc. Private Cloud and Data Centers
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:https://www.appsruntheworld.com/About Us
Copyright © 2022, APPS RUN THE WORLD