In a bid to eliminate time and effort of customized data maintenance, Veeva Systems Inc. (VEEV - Free Report) recently introduced Veeva Nitro, a next-generation commercial data warehouse for the life sciences industry. Following the announcement, a couple of days back, the company’s share price appreciated 1.3% to $76.68 at yesterday’s close.
Built on Amazon Redshift, the platform offers an industry-specific database that merges the most important data sources of companies in the HCIT industry and ensures faster performance, even on the largest datasets.
Notably, the analytics- and AI (Artificial Intelligence)-ready Veeva Nitro helps businesses to deliver data faster. Customers have the flexibility to use BI (Business Intelligence) and AI tools of their choice, as well as deliver tailored data visualization to field teams through Veeva CRM MyInsights, to immediately generate insights and drive informed action.
Additionally, the company has announced mobile innovations in the Veeva CRM platform, which provides information to field teams from any device. Notably, Veeva CRM is an innovative data-visualization platform that provides key customer insights directly in a field team’s existing business process. The platform uses the new Sunrise user interface (UI), which presents a consistent and intuitive mobile experience across all Apple and Windows devices.
Veeva’s other products include the complete commercial content-management solution, Vault PromoMats.
This California-based provider of software applications holds its position in the healthcare IT (HCIT) space by providing real-time data solutions to patients and industry personnel.
Analytics in Healthcare: A Revolution
The field of healthcare has already gotten accustomed to the digital-data age. The enormous size of data can be captured through technology for deriving business insights. This facilitates the healthcare sector to provide better care and reduce wastage. The latest trend of electronic health record (EHR) services in the United States MedTech space has also been gaining importance.
Some of the major HCIT bigwigs, which have carved out a niche in the big-data domain, are Cerner Corporation (CERN - Free Report) and athenahealth, Inc. (ATHN - Free Report) .
Cerner’s HealtheIntent and Millennium are big-data platforms, which provide the company with significant exposure to AI trends in the medical world. Moreover, these platforms have lately been implemented internationally in hospitals.
athenahealth recently launched athenaNet to share relevant clinical information clearly to both doctors and patients. Moreover, athenaClinicals is the company’s first economically sustainable, big data-based electronic system for medical records.
Per a study by Markets and Markets, the healthcare IT segment is expected to reach $280.25 billion by 2021 at a CAGR of 15.9%. Primary growth drivers of this market are high return on investment in HCIT solutions, government directives and the need to curtail escalating healthcare costs.
Hence, it can be concluded that Veeva’s move has been timely and strategic.
In the past year, Veeva’s shares have rallied 28.8%, outperforming the industry’s growth of 27.5%.
Zacks Ranks & A Key Pick
Veeva currently carries a Zacks Rank #3 (Hold).
A better-ranked stock in the broader medical space is ABIOMED, Inc. (ABMD - Free Report) .
ABIOMED has long-term growth rate of 27%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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