What is CoVest Looking for in a Member?

Posted by Patrick Russo on Feb 11, 2015 11:12:14 AM

With Valentine's Day upon us we thought we'd share with you what we, the CoVest Sourcing Network, is looking for in a member. 

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CoVest Sourcing Network has had many successful relationships. We have suppliers that service businesses around the world and members with over $350 billion in combined revenue. These past years have been generous to us and we have been steadily growing. Yet, we'd intend to expand the business even further.

Are you interested in becoming a member of our group purchasing organization? Here are some of the factors we consider when evaluating a potential member:

Size does matter!

CoVest is proud to say that our typical member revenue ranges between $6 billion to $11 billion. Our strategy is to establish business relations exclusively with large corporations. As we continue to grow our Group Purchasing Organization (GPO), we'd like to see our future members have an annual revenue of over $2 billion. Since all of our members are large companies on their own, joining a GPO with peer companies who have similar spend will position you to access contracts with pricing and other value added benefits that you many not be able to achieve on your own.

Fifty shades of great pricing.

Many companies have sufficient influence with their stakeholder group to implement a national or global agreement and can readily take full advantage of our agreements. However, some companies face a fragmented stakeholder group and are faced with "selling" the new supply arrangement. At CoVest, we and out industry leading suppliers work at the ground level with our members to attain high levels of compliance even in these more difficult situations. 

Don't call us needy, but....

Availability of data is a plus. The accuracy and the amount of access we have to your spend data will help our GPO/member relationship development. The availability of data gives us the opportunity to compare item prices and ensure that we are providing you better deals. However, in many cases clean spend data just does not exist. In this case, we work with whatever data you may have to analyze the opportunity, it's just a little harder, but that's fine. 

Keep the spark alive.

We offer a different angle on an old job, so a member with the interest to try something new will get the most from CoVest and all we have to offer. Companies with a corporate culture that allows its people to look at fresh ideas has a better chance of achieving positive results. With no upfront cost and no minimums, we expect our members to be "all in" and prepared for CoVest to lead them to better savings. 

Photo provided byFlickr User:DormadicLass


Interested in learning more about CoVest services?

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