FUNDAMENTALS OF BEST-PRACTICE & COST-EFFECTIVE PROCUREMENT MANAGEMENT
Procurement cost is forming a greater percentage of most companies’ annual operating course. Gradually the function has assumed a strategic position for long term business planning. Achieving evidenced cost savings/value for money and management of suppliers/vendors remain a huge challenge. This course addresses these challenges.
Key Coverage Areas
- Core Principles Procurement/Procurement Ethics
- Understanding procurement environment- SWOT, PESTEL, Porters value chain etc
- Buying through the Total Cost of Ownership Approach
- Fundamentals of strategic sourcing- low cost country sourcing, modeling of suppliers relevance/ selection. The how and why? what are the drivers?
- The procurement/sourcing cycle/process
- The Make or Buy Decision Making(Outsourcing)
- Types of Sourcing and application-single sourcing/delegated sourcing/multiple sourcing
- Supplier Base Selection-Why and How?
- Global Sourcing: multinational sourcing strategies and application
Benefits/Skills to Be Acquired
- Procurement Process Design
- ‘’Make’’ or ‘’buy’’ decision making
- Cost/Benefit/Risk analysis in procurement decisions
- Improved procurement Efficiency(savings/total spend ratio)
- Reduced Total Acquisition Cost (TAC)
- Enhanced value chain delivery capabilities
- Understanding the relevance of the supplier or buyer’s industry/market analysis
- Ability to mitigate risk factors in outsourcing
Manufacturing/ Industrial, Oil & Gas,Construction/ Engineering,Financial,Pharmaceuticals etc
Duration: 3 days
Class Session : 10:00am – 3:30pm each day including Breakfast and Lunch time
Customize Your Training
This training solution and other training topics from McTimothyAssociates are currently available as residential/in-house option.