Procurement & Inventory Management Training
Introduction
This Training program covers the skills required to lead procurement and inventory teams to world class performance by running organisations 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 characterised 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.
Course Objectives
By the end of this course, you will be able to:
- Develop the understanding of the importance of the Procurement function and how it impacts the business as a whole
- Make 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 optimise the investment in inventory
- Learn techniques to increase productivity and achieve savings through effective purchasing & cost reduction techniques
- Understand the KPIs to drive Operations Excellence
- Understand the implications and Learnings from COVID 19
- Understand Trends Shaping the Future of Sourcing & Procurement Beyond 2021
Methodology
This stimulating program will maximize understanding and learning through Interactive Lectures, Course notes, Videos, Learning Assessment.
Who Should Attend?
- Purchasing Managers
- Purchasing Executives
- Purchasing Officers
- Supply Chain professionals
Training Delivery
- Face to Face Training
or
- Remote Training via Zoom Platform
- Day One
- Day Two
Day One
MODULE 1: OVERVIEW OF PROCUREMENT FUNCTION
MODULE 2: CONCEPT OF ECONOMIC ORDER QUANTITY ( EOQ)
MODULE 3: NEGOTIATION FOR RESULTS
MODULE 4: SUPPLIER SELECTION & EVALUATION
MODULE 5: PROCUREMENT POLICIES, PROCEDURES & ETHICS
Day Two
MODULE 6: MATERIALS & INVENTORY MANAGEMENT
MODULE 7: PROCUREMENT COST MANAGEMENT
MODULE 8: OPERATIONS & INVENTORY EXCELLENCE/ RECENT TRENDS
MODULE 9: COURSE SUMMARY – DEVELOPING YOUR ACTION PLAN
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