CoVest Category Development Process
Member Driven Approach
Our category development process, whether beginning a new category or revisiting an existing category, comprises input from our Members at every step of the way.
Leveraging the Knowledge of the Group
When developing a new category our Members’ experience with a supplier is a key input into the sourcing process. And due to the number of Members involved we typically have experience across the group with a large share of the major suppliers in the industry.
Following a Disciplined Strategic Sourcing Process
With the assistance of category subject matter experts, our experienced sourcing professionals develop CoVest supplier agreements for our Members. A rigorous seven-step strategic sourcing process is followed utilizing state-of-the art technologies and methodologies including expressive bidding, reverse auctions and best practice negotiations.
Focusing on Total Cost Of Ownership
We understand that best price does not equate to optimal Total Cost of Ownership. We work with suppliers who are committed to driving down our Members’ cost beyond the initial price savings, while developing a pricing and service model that’s tailored to the spend practices and needs of each of our Members.