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