BARCELONA, Spain, October 27, 2015 /PRNewswire/ --
More than three out of four are unable to track where claims and content are in use or can't electronically withdraw outdated content from multiple channels
Preliminary findings from the Veeva 2015 Life Sciences Promotional Content Management Survey uncover significant gaps in the industry's ability to efficiently manage promotional content from creation and review to expiration and withdrawal. The goal of the survey is to chart the progress and identify the impact of moving from paper-based and stand-alone promotional content management processes to automated, end-to-end methods.
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Over the past decade, the industry has made great strides transitioning away from paper, but in discrete areas. More than half of respondents (52%) have automated the review and approval portion of their promotional materials management process. Yet, most report that they are missing some, if not all, capabilities fundamental to compliance.
The vast majority (81%) of respondents cannot report on where claims and content are in use, and 77% are unable to withdraw expired or outdated content from multiple channels, even though three out of four say these capabilities would improve compliance (76% and 78%, respectively). Almost half (49%) of respondents do not have primary systems that provide an end-to-end audit trail to manage promotional content throughout its lifecycle, while most report that this capability would improve compliance.
In an effort to bridge these compliance gaps, companies continue to rely on an array of systems - from basic paper-based systems to newer promotional content management systems - to support the full content lifecycle. Most surveyed (88%) say they still rely on multiple systems and methods to manage promotional content, indicating various break points in their promotional materials management process. On average, four systems are in use and 31% of respondents have between five and 20 systems.
However, users of end-to-end solutions that automate processes across the digital supply chain report significantly higher satisfaction with their primary systems. Notably, 100% of those using end-to-end systems report satisfaction with adherence to compliance requirements across channels. Meanwhile, among those not using end-to-end systems, only 54% say they are satisfied with their primary systems. Additionally, 88% of end-to-end system users are also more likely to be satisfied with their ability to electronically withdraw outdated content from multiple channels versus just 62% of all other respondents.
"Companies need greater control of promotional content management processes within a single system," said John Chinnici, vice president, Veeva Vault PromoMats. "Leading companies are moving to solutions that manage the full promotional content lifecycle, helping them automate every step in an asset's lifecycle, reducing the need for multiple systems and improving compliance at every turn."
The results of the Veeva 2015 Life Sciences Promotional Content Management Survey: Preliminary Findings will be presented at the Promotional Review Committee Compliance & Best Practices conference on Tuesday, October 27 at 2:20 p.m. EDT. Conference attendees can also visit Veeva's booth for a copy of the report.
Additional Information
For more on Veeva Vault PromoMats, visit: veeva.com/PromoMats
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About Veeva Systems
Veeva Systems Inc. is a leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva has more than 300 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices in Europe, Asia, and Latin America. For more information, visit http://www.veeva.com/eu.
Forward-looking Statements
This release contains forward-looking statements, including the market demand for and acceptance of Veeva's products and services, the results from use of Veeva's products and services, and general business conditions, particularly in the life sciences industry. Any forward-looking statements contained in this press release are based upon Veeva's historical performance and its current plans, estimates, and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva's expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Additional risks and uncertainties that could affect Veeva's financial results are included under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's filing on Form 10-Q for the period ended July 31, 2015. This is available on the company's website at http://www.veeva.com/eu under the Investors section and on the SEC's website at http://www.sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.
Contact:
Sue Glanville / Cate Bonthuys
Veeva Systems Inc.
sue@catalystcomms.co.uk / cate@catalystcomms.co.uk
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