Program Overview

This Training program covers the skills required to lead procurement and inventory teams to world class performance by running organizations leaner, effectively and efficiently. The pressure to reduce costs, while maintaining customer service levels is essential in both procurement and inventory management.

Adopting sound procurement and inventory management principles will lead to better return on investment, improved quality, lower costs, and reduced working capital.

In an Environment characterized by many unknowns, procurement professionals must assist general management by providing purchasing expertise for strategic decisions as it plays an important role in the profitability and success of the business.

The Objective of this program is to highlight to procurement/purchasing personnel the various methods and techniques to achieve savings. Participants will be exposed to the basic principles of purchasing, sourcing and evaluation of vendors, quality control and negotiate better to achieve cost savings. Understanding the impact of Inventories on purchasing decisions.

Learning Outcomes

Develop the understanding of the importance of the Procurement function and how it impacts the business as a whole

Take decisions effectively as to how much quantity to order, when to order and why only that quantity to order

Negotiate better in procurement with suppliers

Understand Procurement and Sourcing Strategy

Design Selection and Evaluation process of supplier base

Understand Procurement Policies , Procedures & Ethics

Understand the importance of inventory & its impact on the profitability

Apply best methods to optimize the investment in inventory

Techniques to increase productivity and achieve savings through effective purchasing & Cost reduction techniques

Understand the KPIs to drive Operations Excellence

Implications and Learnings from COVID 19

Understand Trends Shaping the Future of Sourcing & Procurement Beyond 2022

Program Outline

Module 1: Overview of Procurement function

Module 2: Concept of Economic Order Quantity ( EOQ)

Module 3: Negotiation for Results

Module 4: Supplier Selection and Evaluation

Module 5: Procurement Policies, Procedures & Ethics

Module 6: Materials & Inventory Management

Module 7: Procurement Cost Management

Module 8: Operations & Inventory Excellence/Recent Trends

Course Summary – Developing your Action Plan

Who Should Attend:

Purchasing Managers, Purchasing Executives and Purchasing Officers and Supply Chain professionals

Methodology

This stimulating program will maximize understanding and learning through Interactive Lectures, Course notes, Videos and Learning Assessments