Purpose, Benefits & Learning Outcomes
At CVS Health, pursuing diversity within our supply chain is critical to our mission of helping people on their path to better health. Because we’re present in so many moments, big and small, we’re able to positively influence health behavior and shape the future of health care for people, businesses and communities.
Learn and grow with CVS Health and the Center for Workforce & Professional Development at the Roger Williams University College.
As a pharmacy innovation company, we rely on our suppliers to collaborate with our more than 243,000 colleagues across all 50 states, Washington, D.C., Puerto Rico and Brazil to solve cost, quality and access issues in the evolving health care landscape.
CVS Health is committed to helping diverse suppliers learn and grow to prepare them to do business with us and other companies that value supplier diversity. Fifteen business owners and executives will be selected and introduced to the values and competencies held by CVS Health.
The program delivers:
- An intensive curriculum designed to expand your capacity, skill level and growth potential in critical areas in both classroom and online forums.
- Practical experience, including an opportunity to respond to a sample Request for Proposal.
- Support for introductions and relationship building with CVS Health procurement professionals.
- The opportunity to join peers in a mutually supportive and lasting network.
The curriculum for this executive training program was established based on the following:
- CVS Health's mission, vision and core values support educating the diversity supplier community, with an aim of increasing the success of the diversity-based businesses
- Feedback given to CVS Health from selected national diversity chamber and council leaders regarding the mission and values of diverse businesses. The chosen national diversity leaders include members of the National Gay & Lesbian Chamber of Commerce, National Minority Supplier Development Council and its affiliates US Business Leadership Network (DSDP), US Pan Asian American Chamber of Commerce, Disability:ln, Supply RI, Rainbow Push Coalition, US Hispanic Chamber of Commerce and Women’s Business Enterprise National Council and it's Regional Partner Organizations.
- Feedback provided by students who have completed and been successful with Roger Williams University Center for Workforce & Professional Development executive and administrative series training programs.
The curriculum of the CVS Health Executive Learning Series will address the following topics:
- Company Financing & RFPs
- Human Resources & Communications
- Leadership, Management & Business Innovation
You will also have the opportunity to engage in Individualized Executive Coaching with one of your instructors between July and November on a business need that you identify. Additionally, participants will benefit from an initial coaching session with a member of the CVS Health Procurement team.
Benefits & Learning Outcomes
Topic #1 - Company Finance & RFPsClick to Open
Understanding & Evaluating Capital Business Decision
Selecting the right investments to grow your business is vital. For a diverse business, there are many factors to consider when evaluating the potential value of pursuing a project idea. As an executive, growing knowledge of the capital budgeting process will build your company assets and increase your business value. In this part of the series you will learn how to:
- Maximize your resources when there is limited capital
- Discuss when it’s appropriate to adopt an estimated review of capital finances or when you should go with your "gut" feeling
- Identify ideas and strategies to invest in the wisest long-term fund allocations
- Review internal rate of return, net present value, payback periods, sensitivity analysis, etc. in making your capital business decisions
- Understand options for accessing capital to fund your operations and/or expansion (bank financing, private and other options)
- Assess your goals and financial risk and evaluate debt strategies, joint ventures, investments, mergers and acquisitions, and other projects.
- Know what the key questions are to ask before pursuing any new funding opportunity.
Purchasing & Contracting
Adequately procuring goods and services can result in significant savings for your business. This course teaches participants how to create various solicitation templates and techniques, and how to evaluate supplier/vendor offers tendered to fulfill requests. In this course you will learn:
- Key phases in the purchasing cycle
- Constituent elements of the supply chain
- Developing key stakeholder specifications
- Supplier appraisal techniques that include weighted methods
- Contract management
- Post tender appraisals that include vendor ratings
RFP/RFQ/RFI Development & Evaluation
You will be set up for bidding success by learning fundamental to advanced knowledge on Request for Proposals (RFP), Request for Quotation (RFQ), and Request for Information (RFI). Learn the key points and phrases in writing about your capabilities as a diverse supplier, as well as gauging the best price on a project opportunity. In this part of the series you will learn how to:
- Utilize standard business practices when submitting information to sell your company’s skills and abilities
- Submit a strong proposal when being asked to request a quotation on how you will meet and exceed the requestor’s expectations, including knowledge of the costs
- Establish specific timelines, content, statements of work, etc. when completing your formal business proposals
- Stay within the regulations of procurement government practices
- Develop writing strategies that will represent your strong ability to deliver specific skills or trade.
Topic #2 - Leadership, Management & Business InnovationClick to Open
Business Innovation & Leading Change
Is your goal to be a leader in your field? Carve out a specific niche for your company that sets you light years away from your competition? Create a culture of ideation in your workplace to foster a leapfrog effect. Be a positive disrupter in your space by anticipating where your industry will be in 5-10 years and what your existing consumers/client’s needs and behaviors may be. It might be the case that they don’t know what they need, but it’s up to you to create a new opportunity or experience for them. Learn how to harness talent, technology, and ingenuity to position your business at the top of your field.
In this course you will:
- identify the dynamics of good business practices of innovative companies, with a special focus on small and medium-sized enterprises (SMEs)
- learn how to build the critical competencies of search and gather, synthesize and build into your growing business
- understand how to envision the future of your business in new and different scenarios (ie. new consumer segments, international markets)
Production Planning, Systems Thinking & Design
Learn the systemic and design connection between production planning and supply chain management and master decision making amidst complexity in changing marketing conditions. This course uses a system lens to examine the ways in which product and service based enterprises grow, grapple with change and evolve towards sustainability. In this course, you will:
- Find the key reasons why it is important to have a strong production planning strategy for your company
- Gain knowledge on the terms and conditions during the production planning process
- See where you can minimize costs and maximize your profit margin when establishing your production schedule
Topic #3 - Human Resources & CommunicationsClick to Open
Process Improvement & Strategic Planning
An engaged, effective leadership team is one of the most critical elements to a high functioning organization. When fully aligned with the organization’s mission, vision, and objectives, a strong leadership team can lead to improved workplace efficiencies, a greater level of employee engagement and morale, and higher quality products and
services. Confident leaders are also more effective communicators, able to translate cultural and quality markers into day-to-day operations.
This course provides easy to implement techniques and approaches towards strategic planning & process improvement that will enable leaders to:
- Lead a strategic planning process within their respective organization; and
- Create a strategic plan that is both effective and flexible.
Content Marketing (Exploring Social Media)
Learn the correct fundamentals of utilizing social media to promote business, engage customers, grow brand recognition, generate more leads and increase revenue through a solid social media strategy. The correct use of advertising through social media can result in significant growth for your organization. This course will gauge your knowledge on current trends and teach you ways to engage with social media effectively. Understanding your audience before developing your marketing strategy is key. This course will help you explore:
- Who is the market for your product/service? Where is your audience getting their information? Are they traditional vs. non-traditional audience? Are they getting information online or in print/other methods?
- Create content types that target different segments of your clientele
- Using market research to inform your marketing strategy. How can you segment your marketing to get the most bang for your buck?
- Understand the benefits of having both an organic and paid marketing presence.
- Learn how to evaluate which social media platform is worth investing in and how to leverage its features.
- Utilize key social media tools to spark interest and gain market share
- Developing knowledge of business promotion on social media – using best practices and real-world examples
- Identify your budget for marketing and how to implement your spending throughout the year.
- Build a consistent online brand and voice
Building Strong Communications
Clear and concise communication skills are vital requirements for any successful diverse business. Your business communicates its objectives and goals externally with your clients and internally among your team. This course will have you gain additional understanding on the fundamentals of workplace communications and teach you how to master communication techniques that represent strong business practices. You will:
- Review current workplace communication strategies and access their effectiveness when establishing your company's communication goals
- Identify your workplace culture and assess how your communications and dialogue can adapt to changing business needs
- Define terminology and workplace processes in building strong communication skills, both individually and as an organization
- Analyze the conditions and circumstances where workplace communications change (i.e. know your audience, etc.)