In the fast-paced world of biotechnology, a leading company confronted a critical challenge – renewing its Veeva Systems contract. Eager to optimize costs, secure better discounts, and benchmark prices, the company sought a strategic solution from Everest Group. This case study delves into Everest Group’s journey, transforming the client’s contract renewal and unlocking substantial savings with best-in-class discounts.
In the competitive landscape of biotechnology, our client found itself on the brink of a critical juncture – the renewal of its contract with Veeva Systems. The scope encompassed vaults (clinical, safety, regulatory, and quality), CRM, and professional services. The client aimed to not only assess competitiveness but also to negotiate improved discounts and benchmark prices for onshore/offshore Veeva implementation roles.
The challenge was clear – to navigate the complexities of Veeva contract renewal and emerge with a revamped, cost-effective agreement.
Everest Group stepped into the arena armed with a comprehensive solution. Leveraging our internal database of recent Veeva deals, we embarked on benchmarking the client's contract renewal prices. Our approach was meticulous, covering all facets – from Veeva Vaults and CRM renewal to Veeva roles, along with a focus on onshore/offshore rates for implementation roles.
But we didn't stop at data analysis. We equipped the client with key negotiation tactics honed from our extensive experience. Drawing from observations in similar large deals with Veeva Systems, we provided insights on contractual clauses and negotiation levers, preparing the client for a strategic and impactful renewal process.
The culmination of Everest Group's strategic intervention yielded results that reverberated across the biotech landscape. The assessment was not just transformative; it was a quantum leap, propelling the client to unprecedented heights of success. Reveling in the afterglow of our partnership, the client witnessed staggering savings in the Veeva Vaults and CRM renewal, ranging from an impressive 2.1% to an extraordinary 8.1%. The Veeva roles, once a financial challenge, now boasted remarkable savings ranging from 4% to an astounding 17%.
Yet, the pinnacle of achievement unfolded in the disclosure of savings for US onshore rates (system integrator), where Everest Group orchestrated a financial symphony, delivering jaw-dropping savings ranging from an assertive 5% to an astonishing 45%. In essence, the client didn’t just optimize its Veeva Systems contract renewal; it seized the mantle of industry leadership by emerging with best-in-class discounts, a testament to Everest Group’s unparalleled market-driven advice, negotiation finesse, and unyielding commitment to unlocking transformative value.
In a sea of research organizations, the client chose Everest Group for a multitude of reasons. Our depth of industry knowledge demonstrated through our internal database of recent Veeva deals, positioned us as industry leaders in benchmarking and negotiation strategies. The client recognized that Everest Group's insights were not just data-driven but rooted in a profound understanding of market dynamics and Veeva Systems' nuances.
The biotechnology company's journey with Everest Group didn't just end with a successful contract renewal; it marked the beginning of a strategic partnership driving success in the ever-evolving biotech landscape. Together, they forged a path of innovation, optimization, and value creation, setting the stage for a future where challenges become opportunities, and partnerships become a catalyst for success.
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