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Procurement and Sourcing Essentials
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This 5-day course provides a comprehensive understanding of procurement and sourcing principles and practices. Participants will explore the critical role of procurement and sourcing in acquiring goods and services necessary for an organization’s operations.
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Course Duration
5 Days
Enroll By
Every Week
Course Type
Online/ London
Course Details
This 5-day course provides a comprehensive understanding of procurement and sourcing principles and practices. Participants will explore the critical role of procurement and sourcing in acquiring goods and services necessary for an organization’s operations. The course covers core concepts such as sourcing strategies, supplier selection, contract negotiation, and procurement process management. Through real-world case studies and interactive exercises, learners will gain insights into how leading companies manage their procurement and sourcing activities to achieve cost savings, improve supplier performance, and mitigate supply chain risks.
The course emphasizes the importance of strategic sourcing and the alignment of procurement activities with overall business objectives. It explores various sourcing models, including competitive bidding, negotiation, and strategic alliances. Participants will learn how to analyze supplier capabilities, evaluate bids, negotiate contracts, and manage supplier relationships effectively.
By the end of this course, learners will be able to:
- Develop sourcing strategies.
- Select and evaluate suppliers.
- Negotiate contracts effectively.
- Manage the procurement process.
- Improve supplier performance.
- Mitigate supply chain risks through effective procurement.
- Procurement professionals
- Sourcing specialists
- Purchasing managers
- Supply chain managers
- Operations managers
- Anyone involved in procurement and sourcing activities
Course Outline
5 days Course
- Day 1: Introduction to Procurement and Sourcing: Concepts and Importance:
- The role of procurement and sourcing in the supply chain.
- Procurement and sourcing objectives and KPIs.
- Different types of procurement: Direct vs. indirect, MRO.
- Case study: Analyzing the procurement strategy of a successful company.
- Activity: Group discussion on the challenges of procurement and sourcing in different industries.
- Sourcing Strategies and Supplier Selection:
- Developing sourcing strategies: Cost reduction, quality improvement, innovation.
- Supplier identification and evaluation: RFIs, RFPs, and supplier audits.
- Supplier selection criteria: Cost, quality, delivery, capacity, and risk.
- Practical exercise: Developing a supplier evaluation scorecard.
- Contract Negotiation and Management:
- Contract negotiation principles and tactics.
- Types of contracts: Fixed price, cost-plus, and incentive contracts.
- Contract terms and conditions.
- Contract management best practices.
- Practical exercise: Negotiating a contract with a supplier.
- Contract Negotiation and Management:
- Procurement Process Management:
- The procurement cycle: Requisition, purchase order, receiving, and payment.
- Procurement process improvement methodologies.
- E-procurement and automation.
- Case study: Implementing e-procurement in an organization.
- Procurement Process Management:
- Supplier Relationship Management and Performance Improvement:
- Building strong supplier relationships.
- Supplier performance monitoring and evaluation.
- Supplier development programs.
- Continuous improvement in procurement and sourcing.
- Project: Developing a procurement plan for a specific product or service.
- Supplier Relationship Management and Performance Improvement:
