Missed the 2017 CoVest Member Meeting? Don't fret, here's an overview of the presentation.
Set in Philadelphia, members were treated to a bit of history starting with our Supplier Showcase which was held at The Olde Bar. This casual setting allowed both members and suppliers to enjoy a stiff drink while engaging in light conversation. The following day members set down their drinks and picked up their pens, for an informative yet entertaining meeting.
This year's Member Meeting focused on key trends within the industry and how CoVest continues to adapt our programs to meet the needs of a changing environment. Read the highlights below:
Key Trends of 2017
Distributors are altering their business models to compete in the increasingly digital economy.
We have seen pricing methodology moves and several companies targeting corporate businesses. This has led to distributors widening their product offerings, especially in MRO. With such an increase in inventory, many eProcurement companies are having revolutions.
Suppliers and manufacturing companies are working to understand how they should be interacting with Group Purchasing Organizations
Many suppliers previously opposed to working with GPOs are beginning to warm up to the concept. This rising interest is driven largely by demands from companies asking about GPOs. As more companies are incorporating the GPO model, they are pushing their suppliers to jump on board. No longer stone walling the GPO concept, suppliers are seeing the benefit in a supplier/member/GPO partnership.
Creating value as a sourcing professional is top priority and organizations are pushing for bigger results.
Create value by shaping the conversation. Focus attention on spend under management. In doing so, you create a stronger partnership with the business, but how will you obtain bigger results? Utilize new technology tools that will help make compliance easier for buyers.
CoVest Adapts Programs to Meet The Needs Of A Changing Environment
CoVest has invested heavily in its spend categorization capabilitiesCoVest is growing our supplier and product cross referencing abilities. This helps our members find what they need quicker and at the best price available. We have also enhanced our ability to target areas of spend towards the ideal supplier, making it far easier to match members with the supplier that works best for them.
Altering supplier agreements to provide a broader pricing model approach
There is a growing overlap in MRO providers' portfolio which is making cross referencing products harder on the buyer. CoVest removes the stress these overlapping portfolios bring. Not only do we handle the cross referencing process, CoVest is structuring agreements to be easily adapted. We hope to widen our ability to help you suggest alternative products to your users all while continuing to create new manufacturer relationships.
Want to know more about the topics covered during the 2017 CoVest Member Meeting?
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