Masterclass in Purchasing Management

Introduction:

Management of spine implants involves numerous challenges, making effective management critical for the survival of such entities. Purchasing entities must account for the need for cost-efficient and high-quality materials and services, while also placing significant emphasis on administrative concerns.

Policies regarding purchasing in the public sector are typically more apparent and well-defined. In this purchasing management course, teams will aim to meet the growing demand for quality materials and services while managing costs across other segments of the organization.

Objectives:

At the end of this Masterclass in Purchasing Management program, participants will be able to:

• Understand the basic components of purchasing management
• Identify the basic elements of teams and their functions
• Understand the effectiveness of improved purchasing processes
• Adopt new practices and processes within their unit and across other units
• Understand the approaches and methods to enhance the purchasing function
• Use Invitation for Bids (IFB), RFPs, and other related procurement processes
• Analyze and enhance purchasing activities
• Apply performance measures through key performance indicators
• Develop competitive strategies for their organization
• Understand the dynamics of being an effective purchaser
• Conduct negotiations with suppliers

Training Methodology:

• Interactive lectures
• Case studies
• Group discussions
• Role-playing simulations
• Cross-faculty learning
• Q&A sessions
• Problem-solving for real-life managerial issues
• Presentations

Course Outline:

Unit 1: The Role of Purchasing in Today’s Organizations

• What is the function of purchasing?
• Purpose of other functional interests in purchasing
• What is needed for purchasing to be effective
• Management of the purchasing function: concepts and approaches
• Roles and performance of team members
• Defining key goals and objectives

Unit 2: Mechanisms of Efficient Direct Purchasing

• Spend analysis
• Category management
• Supplier relationship history
• Supplier selection
• Roles of wholesalers and brokers

Unit 3: Achieving Goals via Financial and Non-Financial Purchasing Measures

• Pricing techniques
• Valuation treatment
• Cost evaluation
• Lifetime cost
• Lifecycle costing for capital assets
• Early input from stakeholders

Unit 4: Selection of the Most Appropriate Sourcing Technique

• Tendering, negotiation, direct sourcing, e-commerce
• Using RfI, RfP, and RfQ in sourcing strategy
• Negotiation preparation, strategy, and tactics
• Negotiating across cultures
• E-procurement strategies

Unit 5: Enhancing the Purchasing Function

• Monitoring key performance measures to drive improvements
• Metric hierarchy
• Managing organizational change
• Communication planning
• Action planning and execution