ERP System in CVS Pharmacy
ERP (Enterprise Resource Planning) software system aims in integrating the vital functions of an enterprise leading to a better communication and flow of data through the different units of an enterprise, regardless of their geographical locations. A standard ERP system constitutes of a software component, hardware infrastructure and a process documentation component. An ERP package integrates several functions like production, finance and accounts, supply chain management, asset management, logistics and many more. Different types of ERP software are available in the market catering to the needs of all types of business and corporate houses. Large global organizations require complex ERP package to support more functions than the small and medium sized enterprises. CVS Pharmacy is the second largest pharmacy chain in the United States. CVS Pharmacy has more than 7000 stores in 41 states. CVS sells prescription drugs and a wide assortment of general merchandise, including wide range of drugs, beauty products and cosmetics. There are many ERP Systems that retail companies use because of its benefits and various advantages. CVS Pharmacy uses Infor Enterprise Resource Solutions Software for their needs. They use Infor WMS (Warehouse Management Solutions) for their Warehouse management needs. CVS uses (EAM) Enterprise Asset Management for asset management solutions needs. CVS uses PM (Performance Management) for its performance management needs. Finally, CVS uses Infor HCM Anael HR system for their Human Resource department. The store operations element of the INFOR ERP system takes care of all the operations related to the store management function. The store operations are central to a retail chain like CVS because CVS keeps the majority of their inventory at the stores. Moreover, the store operations are unique this INFOR ERP systems as the other ERP packages do not offer such a comprehensive component like the store operations as offered by a INFOR ERP system. The retail-planning component of Infor ERP system is extensively used by the middle and the upper management in formulating favorable promotional strategies to stimulate the sales and ensure increase in inventory turns at all their CVS Pharmacy stores. This component also helps the retailers in planning the various sales and promotional events aimed at boosting or increasing the sales of the merchandise offered at all CVS Pharmacy stores. Supply chain component of Infor ERP system is also very beneficial. It provides support to the internal as well as the external supply chain process. It covers both the planning and the execution part of the supply chain management in retail. Supply chain forms the backbone of the retail operations. The supply chain represents the flow of information, finances, and materials as they move in a process from the supplier to the wholesaler to the retailer and finally to the end-user or the consumer of merchandise. The merchandise management component of Infor systems takes care of all the activities related to the management of the merchandise offered for sale at all CVS Pharmacy stores. This component includes activities such as the setting up, maintenance and management of the retail outlet, keeping track of the prices of the items, inventory, and the different vendors etc. The corporate administration component of Info ERP systems includes the corporate-level Human Resource Management (HRM) systems. Corporate administration component plays a critical role in providing the necessary information to the top management to get a general idea of the health of the retail business by way of the various financial reports generated by Infor ERP system. This component aims to serve the information needs of the administration and usually includes the process management and compliance reports required by the top management for the decision-making purposes. This feature also includes other corporate financial reports...
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