FUNDAMENTALS OF BEST-PRACTICE & COST-EFFECTIVE PROCUREMENT MANAGEMENT

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Why Attend

Procurement costs 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 remains a huge challenge. This course addresses these challenges.

Event Date: 03/08/2022 – 05/08/2022

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Overview
Course Outline

Introduction to purchasing
- Definition of purchasing
- Purchasing steps
- The role of the purchasing function
- Centralized versus decentralized purchasing
Buyer roles and responsibilities
- Specific duties of a buyer
- The right job description for a buyer
- Skills and qualities of a successful buyer
- Reactive versus creative buyer
- Limitation of authorities
- Adding value as a buyer
Purchasing methods and strategies
- Conventional purchase blanket orders
- Forward buying
- Outsourcing
- Stockless Buying
- Leasing
- E-procurement
- Evolution in strategies for purchasing
The purchasing process
- Request for Information, Quotation, and Proposal (RFI, RFQ, RFP)
- Purchase requisition
- Purchase order
- Total cost of ownership
- Local sourcing versus international sourcing
- Supplier selection
- Problems with suppliers
- Total purchasing cycle
Logistical consideration
- Letters of Credit (LCs)
- Carrier modes
- Carrier evaluation and selection
- Transportation documentations
- Incoterms
- Packaging
- Material disposal
Partnership and negotiation
- Partnership with suppliers
- Partnership requirements
- Building good relationships with suppliers
- Negotiating with suppliers
- Qualities of negotiators
- Negotiation principles
- Strategies for negotiation