Free Spend Cube development!x

Get Started

CoVest offers two cost free, no commitment paths to engage our team and explore the model. There are no tricks or hidden elements to our engagement processes. Our goal is to gather all relative data and category incentives, reprice using CoVest agreements and present the opportunity. Our belief is when presented with the right business case, joining CoVest and adopting our agreements is the clear choice.


Review 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
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Start The Conversation

Ready to learn how your company can benefit from a CoVest membership? Call us at 216.325.5128 or complete the following prospective membership form below to schedule a call time that is best for you.


Getting Started

First, CoVest signs prospect's NDA. Next, based on previous conversations, category interest, availability of data and scope of review, we offer two engagement paths:

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Individual Category Review

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Vendor Categorization Spend Cube

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Individual Category Review Path:

– Select category to analyze

– Share 12-month spend data

– Learn savings opportunity

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Vendor Categorization Spend Cube Path:

– Share 12-month, spend by vendor, GL report

– CoVest to rationalize supplier names, research core business, bucket spend by CoVest and non-CoVest categories

– Learn spend by category, by vendor, by location

– Prioritize category opportunities

– Select vendors to gather data from

– Learn savings opportunity

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An expanded look at our opportunity analysis and process

Step 1: Confirm The Opportunity

Individual Category Review

• We work with your team to develop the approach for determining the price opportunity for selected category 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 request all spend detail in the category, conduct the savings analysis and prepare a summary report that is presented to you.

• This is at no cost or obligation.

Vendor Categorization Spend Cube

The CoVest Spend Categorization Process provides a road map to category opportunities.

• So often we hear, “If only I had the data, or knew what I bought or knew who I bought it from.” Securing accurate line item data is hard. Not knowing where to look makes it even harder!

• Pulling a spend by vendor report from your system is easy. With these simple numbers, CoVest will return to you a list of rationalized supplier names, your spend by category and by supplier. With this information, you can prioritize the category opportunities and know which suppliers to request data from.

• Following the road map to consolidated category spend, purchased through CoVest leveraged agreements, leads to more spend under management generating more savings.

Step 2: 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

• You sign a direct purchaser agreement with the category supplier

Step 3: Implement

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

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Right Option


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