Tag: life sciences

Navigating the Shift to Next-Gen Customer Engagement Technology Products in the Life Sciences Sector | Blog

Life sciences enterprises are undergoing a generational shift, transitioning from outdated legacy customer relationship management (CRM) systems to modern Customer Experience Platforms (CXP). Discover the three emerging customer engagement layers in these platforms, the readiness of enterprises to adopt the latest solutions, and the factors to consider when selecting customer engagement technology in this blog. Reach out to us to discuss this topic further.

In the rapidly evolving life sciences landscape, a significant and crucial transformation is underway as companies move from traditional CRM systems to cutting-edge CXP. Let’s explore this further.

As illustrated below, the life sciences CXP technology architecture has two distinctive foundational structures: CRM and next-gen customer engagement management.

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In the widespread realm of next-gen customer engagement management, the following three main customer engagement layers are emerging:

  • End-to-end content management: These tools provide features to enable intelligent content management across the entire content lifecycle, including automated and modular content creation, cognitive-capabilities-powered digital asset management (DAM), content distribution recommendations, real-time content analytics, dynamic libraries, and third-party integrations
  • Engagement channel optimization: Tools that manage all channel types (digital and non-digital) with CX-focused capabilities, including dynamic recommendations based on customer behavior analysis (personas), ideal content-channel combinations, third-party messenger integrations (including regional requirements), and channel analytics
  • Commercial learning and training: Embedded platform features to enable complete learning experience management (preferably covering the entire commercial function), including smart assistant-led training navigation, multi-format training modules, and personalized learning journeys

Enterprise adoption priority

The pandemic has reshaped customer engagement channels, resulting in a diverse blend of traditional communication methods (face-to-face, phone, text, conferences) and digital channels (video calls, webinars, Healthcare Professional Portals).

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This shift has made it essential for enterprises to adopt an efficient channel management system. As a result, engagement channel optimization has become the most demanded module in next-gen customer engagement management, followed closely by content management and learning and training.

While the life sciences commercial segment is synonymous with sales and marketing, it also includes other vital functions such as medical affairs, market access, and patient services. However, not all functions within the commercial segment are equally equipped to adopt these tools.

The overall maturity of the necessary technology, data architecture availability, and optimal processes vary significantly by function. These factors will influence platform and tool selection decisions as illustrated below:

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Customer engagement technology platform sourcing factors 

Enterprises looking to make sourcing decisions for next-gen customer engagement platforms and tools have moved beyond considering pricing as the sole or major driving factor. They are looking at platforms and tools that offer a better user experience and a flexible technology stack that seamlessly integrates into existing systems.

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“We prioritize how the platform fits with the existing enterprise tools and how well they work with current enterprise CRM and incorporate enhancements that come from them. Additionally, geographic infrastructure to provide support in global adoption, ease of working with the provider, and the price are the key criteria for selecting the provider.”

 – Director, Content Strategy and Operations, Large Pharmaceutical Company

“Our top sourcing considerations include ease of use for all stakeholders, user friendly and intuitive design, how well it integrates with other platforms, cost for implementation and the licensing fees, and product enhancements included in the fee or for small service fees.”

– Global CRM Lead, Global Life Sciences Enterprise

Outlook for the life sciences landscape

With enterprise objectives constantly shifting and generative AI technology continuously evolving, the innovation pace on the supply side is equally frenetic. Commercial technology players are swiftly rolling out highly tailored solutions in the life sciences industry. This rapid progress also gives rise to a new wave of specialized providers catering to niche needs. Consequently, enterprises must continuously assess the evolving landscape of commercial technology offerings and enhance their tech infrastructure accordingly.

To discuss customer engagement technology trends in life sciences or other developments in this space (especially after the Veeva-Salesforce announced split), contact [email protected], [email protected], or [email protected].

Watch our LinkedIn Live session, Key Insights: The Evolving Commercial Technology Landscape in Life Sciences, to learn more about the critical shift from CRM ecosystems to CX platforms and the next-gen technologies poised to deliver personalized CX.

Key Insights: The Evolving Commercial Technology Landscape in Life Sciences | LinkedIn Live

Linkedin Live

Key Insights: The Evolving Commercial Technology Landscape in Life Sciences

View the event on LinkedIn, which was delivered live on Thursday, April 25, 2024.

Life sciences enterprises are facing a pivotal juncture that demands a strategic decision regarding their CRM ecosystems after the Veeva-Salesforce split. 🧬💼

Watch this interactive LinkedIn Live discussion as our expert analysts explore the critical shift from CRM ecosystems to CX platforms and the next-gen technologies poised to deliver personalized CX. They will also examine the substantial opportunity for technology providers as enterprises update their CRM environments. 🚀🔍

What questions did this LinkedIn Live answer for the participants?

• Which high-priority modules across CRM/CX platforms are enterprises most interested in? 🎯
• Which functions within the life sciences commercial segment are more mature vs. others in terms of next-gen technology adoption? 💡
• What is the market sentiment around the Veeva-Salesforce split? 📊

Meet the Presenters

Ambati Durga
Practice Director
Everest Group
RohitHS3 1 2 e1714143092641
Practice Director
Everest Group
Satija Chunky
Vice President
Everest Group

Life Sciences Digital Services Specialists PEAK Matrix® Assessment 2024

Life Sciences Digital Services Specialists 

As life sciences enterprises adapt to the post-pandemic market, global macroeconomic uncertainties and geopolitical disruptions are compelling biopharmaceutical and medical devices enterprises to rethink their future growth strategy. These enterprises are rationalizing and restructuring their portfolios, strategically addressing high-priority quick-wins use cases for digital transformation, and actively seeking providers with greater domain knowledge, enhanced agility, and life sciences-specific technical expertise. Niche providers are emerging in the post-pandemic era and are establishing a strong presence in the digital services market.

Life Sciences Digital Services Specialists PEAK Matrix® Assessment 2024

What is in this PEAK Matrix® Report

In this report, we assess 16 providers featured on the Life Sciences Digital Services Specialists PEAK Matrix®. Each profile offers a comprehensive picture of the provider’s service focus, key Intellectual Property (IP) / solutions, domain investments, and case studies. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other.
 

In this report, we closely examine the life sciences digital services specialists state of the market while focusing on the following aspects:

  • Major segments of specialist service providers based on their capabilities in the life sciences digital services space
  • Role of specialist providers as enterprises move to a new sourcing model
  • Tenets of the unique value proposed by specialists to carve out a niche for themselves

Scope

  • Industry: life sciences
  • IGeography: global
  • IThe assessment is based on Everest Group’s annual RFI process for calendar year 2023, interactions with leading life sciences digital service providers, client reference checks, and an ongoing analysis of the life sciences digital services market

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