An expanded look at our opportunity analysis and process
Step 1: Confirm The Opportunity
Indirect Spend Categorization
The CoVest Indirect 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