Procurement & Inventory Management

Course Objectives

The objective of this programme 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.

• 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
• Understand the various qualities that a good negotiator should possess
• Negotiate better in procurement with suppliers
• Get hands on experience of success and failure of the negotiations
• Design selection and evaluation process of supplier base
• Understand the importance of inventory & the role it plays in the profitability of the company
• Apply best methods to optimize the investment in inventory
• Improve their decision-making skills in general and increase productivity and achieve savings through effective purchasing & Cost reduction techniques
• Develop competency and commitment in Cost reduction responsibilities;
• Understand the KPIs to drive Operations Excellence

Target Audience

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, Learning Assessment after each Module

Course Modules

• Module1: 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: Materials Management
• Module 6: Inventory Management
• Module 7: Cost Reduction Techniques & Process
• Module 8: Operations Excellence
• Module 9: Course Summary – Developing your Action Plan