Strategic Procurement & Inventory Management (Online Training)

Course Objectives

Purchasing plays an important role in the profitability and success of every business. The way the purchasing function is managed and run will greatly influence the company’s bottom line. This programme aims to provide Purchasing personnel with the knowledge to be efficient, effective and ultimately to purchase materials and services at the best prices without sacrificing quality and service. It highlights on how Purchasing personnel can help to increase productivity and achieve savings through effective purchasing.

Participants will learn how to:

• understand the operational, financial and marketing strategies of procurement;
• obtain up-to-date negotiations techniques and effective guides in preparing a negotiation;
• master the cost reduction process and techniques in procurement;
• develop competency and commitment in cost reduction responsibilities;
• understand the benefits of benchmarking application in procurement management;
• master the five crucial stages of benchmarking implementation process; and
• improve the procurement functions and contribute to organisation’s efficiency, productivity and profitability.

Target Audience

Purchasing Managers, Purchasing Executives and Purchasing Officers.

Methodology

This Live Online / Virtual Training session will be conducted via a Live Streaming Platform in which the trainer will use interactive lecture and slide presentation to cover the modules stated below.

Course Modules

• Module 1: Definition of Procurement
  – Roles and responsibilities of procurement
  – Operational strategies
  – Financial strategies
  – Marketing strategies
  – The 5 ‘Rights’ of procurement

• Module 2: Procurement Profitability And Added Value
  – The evolution of procurement
  – Procurement and the change
  – Buyer’s and seller’s strengths matrix

• Module 3: Negotiation In Procurement & Time Management
  – What to negotiate?
  – Negotiation techniques
  – Negotiation guides to preparation
  – The 6 basic steps in negotiation
  – The 3 categories in negotiation
  – Summary of bargaining stages
  – 7 Critical mistakes in negotiation
  – General rules in negotiation

• Module 4: Cost Reduction Techniques
  – Purchasers’ cost reduction responsibilities
  – Changing the roles of procurement and its perception
  – Cost reduction process
  – ABC cost reduction analysis
  – Direct materials cost reduction
  – Indirect Materials Cost Reduction (MRO items)
  – Suppliers cost reduction responsibilities
  – Developing procurement personals’ KPI/KRA