Who is CoVest and What is a Group Purchasing Organization?

By: CovestAdmin
August 14, 2018

If you are exploring CoVest, chances are you need assistance with managing your indirect categories, more procurement team members, better purchasing compliance, more insight into your purchasing data, or negotiating your supplier agreements. After reading this blog, you’ll have a better understanding of who our company is and what we do.

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CoVest Sourcing Network is a Group Purchasing Organization focused on large corporations, founded on partnership, transparency, and providing value-added services. We enable members to realize significant cost savings through the utilization of our supplier agreements that drive down costs for indirect categories by leveraging the collective purchasing power of member companies. CoVest provides best-in-class pricing to our members through these negotiated supplier agreements.     

In short, CoVest is a sourcing network. What’s a sourcing network?  It’s and organization that secures best-in-market contracts, based on the combined leveraged volume of their members. Another way to explain it is by viewing our company as a negotiator between big corporations and their suppliers. CoVest makes contracts with the suppliers in order to get the best deals possible for our members.

Let’s say you go to a big shopping mart that sells products in bulk. In order to get access and the most savings, you’d have to sign up for a membership. CoVest would be the company that gives you the membership card. But that’s not all we’d do. Our company would make sure the contract for the memberships are the best on the market, we’d also provide constant supplier management along with making sure you get the most savings possible. The best part, CoVest not only makes contracts for one indirect spend category, but for several, giving our members more savings across the board. It is our position as a Group Purchasing Organization (GPO) that allows us to do so.

However, CoVest differs from other GPOs. We pride ourselves in having member focused contracts that will not only get our members the best deals on indirect spending, but will also give them flexibility that other GPOs could not offer. It’s these benefits along with our value-added services that keep our members engaged with CoVest and provide savings year after year.