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.

Getting Started

As a first step, CoVest will sign a prospect's NDA to allow for a protected data share. Next, based on previous conversations, category interest, availability of data and scope of review, one of two engagement paths will begin:

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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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Indirect Spend Management Process

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Right Option

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.

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