Customized Best Practices in Procurement

Introduction:

Procurement has shifted from a back-office function in accounting to a vital driver of business strategy. In today's business landscape, successful procurement involves more than just purchasing goods; it involves creating value by sourcing products and services in ways that align with the organization's objectives and drive its success forward.

The adoption of best practices across the four key levels of procurement—Strategic, Tactical, Operational, and Contive—is critical. This seminar is designed for individuals who aim to elevate their procurement function to the next level through the implementation of efficient, sustainable best practices.

Objectives:

At the end of this Customized Best Practices in Procurement program, participants will be able to:

• Comprehend the development of procurement and its recent growing prominence.
• Analyze the inputs, outputs, and processes within a high-performing procurement system.
• Formulate progressive performance evaluations.
• Master the critical requirements at all four levels of procurement.
• Enhance skills for every stage of the strategic sourcing process.
• Lead, plan, and manage the procurement process efficiently.

Training Methodology:

• Guest Faculty Sessions
• Business Issue Analysis
• Managing in Groups
• Practice Sessions
• Business Role Plays
• Rehearsals and Operational Simulations
• Actions and Assessment

Course Outline:

Unit 1: Developing Strategic Procurement Decisions:

• Insights into the make/buy decision and its implications.
• Integrating internal processes.
• Encouraging joint ventures and other collaborations to enhance supply sources.
• Analyzing pros and cons of inter-company trade.
• Exploring counter trade and reciprocal agreements.
• Structuring supplier strategies.
• Aligning procurement strategies with business-wide goals.
• Designing the Purchasing function to align with business strategies.

Unit 2: Implementing Tactical Procurement Decisions:

• Engaging suppliers in early product development stages.
• Applying value engineering to purchase pricing.
• Enhancing quality assurance programs.
• Establishing comprehensive supplier selection processes.
• Measuring supplier performance.
• Managing contracts effectively.
• Utilizing IT and e-procurement tools.
• Developing procurement policies and procedures.
• Recruiting procurement professionals.

Unit 3: Managing Operational Procurement Decisions:

• Selecting appropriate ordering systems.
• Handling quality issues proactively.
• Monitoring procurement activities.
• Managing overdue orders and expediting them.
• Establishing an efficient vendor payment system.
• Implementing cost-reduction policies for small-value orders.

Unit 4: Procurement Performance Measurement:

• Conducting comprehensive spend analyses for visibility.
• Promoting total cost of ownership (TCO) as a key measure.
• Using regular tools for supplier performance evaluation.

Unit 5: Advanced Procurement Strategies and Innovation:

• Practicing green procurement.
• Leveraging big data analytics for decision-making.
• Integrating AI and Blockchain technologies.
• Supporting supplier-driven innovation.
• Developing risk management strategies for supply chain disruptions.
• Exploring global sourcing opportunities and challenges.
• Enhancing procurement processes for long-term improvement.