CVS Caremark Employs Business Intelligence to Drive Store Profitability

With approximately 6,200 stores across 38 states, CVS Caremark is the nation’s largest retail pharmacy chain. Experiencing more than 40 years of dynamic growth in the retail pharmacy industry, CVS generates over 68% of revenue from the pharmacy business and is committed to providing superior customer service. CVS Caremark is investing in new stores and technology to drive strong future growth - both organically and through acquisition.

To keep pace with its commitment to growth, CVS Caremark has adopted a full store business intelligence approach to shrink reduction and operational profit improvement. Their success has not only reduced shrink and the factors that drive inventory loss, but also has given store operations the actionable intelligence needed to improve performance and drive profits.

In the March 20, 2008 Stores® Magazine Knowledge Series™ sponsored by ADT, Larry Foster, CVS Caremark’s Director of Loss Prevention Forensic Analytics presented how CVS had 1000% return on investment from using Retail Expert business intelligence (now known as Sensormatic Analytics). To a target audience of CIOs, CFOs, VPs/Directors of: Loss Prevention, Store Operations, IT, Audit, Pharmacy Operations, from around the world, Mr. Foster shared how his team:

  • Used Sales Reducing Activities (SRA) to ensure they get the actionable intelligence necessary to realize the greatest possible impact on profits.
  • Applied these key performance indicators that allow them to define and measure ROI and gain executive support.
  • Employed important tools offered within the solution, such as trending and graphing, enabling them to document and analyze their results.

To hear the archived webcast, visit http://www.iian.ibeam.com/events/nrfe001/25796/index.jsp?adid=stores032008

Filed under Store PerformanceKeywords business intelligence ; Store Performance; loss prevention

Published on 1/11/2008 Permalink

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