Free Spend Cube development!x

Membership Process

When you join CoVest as a member, you’ll have access to supplier agreements available only through our CoVest Sourcing Network. Becoming a member is a straightforward and easy process that requires a limited amount of time—but requires specific steps in order to take advantage of our network offerings.

Membership Process

  • Step 1 of 3

    Confirm The Opportunity

    • CoVest works with your team to develop an understanding of the current environment including current supply base, contract status, data availability and stakeholders
    • We mutually agree to a due diligence approach for each considered category (e.g. benchmarking of current pricing versus CoVest pricing, assessing total cost of ownership opportunities)
    • Based on this analysis, we document and review possible savings opportunities
    Opportunity Benchmarking Process>
  • Step 2 of 3

    Membership Process

    • You decide to become a CoVest member and select which categories you wish to initially participate in
    • You sign a short membership agreement to access our various supplier agreements for each selected category
    • Click here to view a graph illustrating the relationship of these agreements
  • Step 3 of 3

    Implement Initial Categories

    CoVest facilitates development and execution of an implementation plan, including:

    • Nominating an implementation team
    • Kick-off meetings with key stakeholders
    • Selecting and sequencing of implementation locations
    • Transitioning with incumbent suppliers to ensure continuity of supply
    • Developing a detailed core list of pricing, ordering rules and tailored catalogs
    • Integrating with your e-Procurement systems
    • Training in the use of supplier on-line ordering systems

Learn More About Existing Members

Interested in receiving a list of current members and learning more about CoVest? Call us at 216.325.5128 or complete the following prospective membership form. All fields are required.

Opportunity Benchmarking Process

The benchmarking process is two-fold. It combines a quantitative assessment of the savings opportunity for reduction in piece price with an assessment of Total Cost of Ownership (TOC) opportunities to develop a comprehensive business case for your consideration. This is at no cost or obligation.

The Price Opportunity

We work with your team to develop the approach for benchmarking the price opportunity for selected categories of interest. This is not the typical bid process, but simply a comparison of your current pricing to the pre-negotiated pricing with our supply partners. CoVest does not share your pricing with our supply partner to maintain the integrity of the process and conform to the company’s non-disclosure practices and contract provisions with your current supplier. We typically start with a collection of all spend detail in the category and then select a representative market basket and sample size designed to yield a savings percentage estimate with a statistical margin of error of less than 2%. CoVest conducts the savings analysis and prepares a summary report that is shared with you.

The Total Cost of Ownership Opportunity

In parallel with the assessment of the price opportunity, our supply partner conducts an assessment of other non-price opportunities. We work with your team to select sites for the assessment. The assessment typically takes one to two days of interviews and data collection at each site. Opportunities explored include:

Our supply partner then prepares an analysis and quantification of the opportunity.

Together with our supply partner, CoVest prepares a comprehensive business case and implementation approach for your consideration and approval. 

Membership Agreements Diagram