CVS (CVS) Adds IBM's Watson to Digital Strategy
Jennifer Lynn PUBLISHED ON: Aug 4, 2015
CVS Health Corporation (CVS) is shifting even more to digital and health technology -- moving forward with mobile, helping to manage patient's health. Throughout the United States, enterprise organizations such as CVS are pivoting towards offering improved mobile shopping experiences for their customers.
The company is also aiming to improve patients health through its recent partnership with IBM (IBM) to use IBM Watson Health Cloud at CVS pharmacies, Minute Clinic and employer clients.
"The capabilities of the IBM Watson Health Cloud, when coupled with CVS Health's insights into medical utilization and patient behavior, could prove transformative for the industry," Mike Rhodin, senior vice president at IBM Watson, told Forbes.
CVS will use Watson to improve its results for monitoring patients' health issues.
In the last five trading days, shares of CVS rose by 2.23 %. Shares had risen 8.59% for the last 4 weeks. CVS is up 13.05% in the last 3-month period. Year-to-Date the stock performance stands at 19%. The 52-week high of the share price is $111.91 and the 52-week low is $74.69. The company has a market cap of $128,009 million.
Expanding digital and wellness services throughout CVS's stores and pharmacies could transform the healthcare sector and digital capabilities could meet the needs consumers seek. Will this help investors too?
CVS's digital offerings like its CVS/pharmacy Mobile app offered earlier this year gives an insight to consumers delivering a seamless personalized mobile shopping experience. The mobile app serves as an invaluable savings tool for ExtraCare members. The CVS/pharmacy ExtraCare program is the gold standard among retail rewards programs. It is currently the longest running program found in the drugstore space with a 15 year history.
"Our CVS/pharmacy Mobile app has gotten top marks from our customers, but we still constantly challenge ourselves to make it even easier, better and faster," said Brian Tilzer, senior vice president, chief digital officer for CVS Health. "It's important to us -- and our customers -- that we deliver a personalized mobile shopping experience and extend access to our pharmacy services in a way that's seamless. " The company plans to expand to transform the consumer experience with the CVS/pharmacy Mobile app.
In June, CVS announced Norman de Greve as CVS' Chief Marketing Officer, effective July 15. Greve will be accountable for marketing strategy across the enterprise. The company had also recently opened a digital innovation lab in Boston. CVS currently operates 7,600 drugstores throughout the United States. The company has over 1,00 walk-in clinics and over 70 million members of benefit plans.
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