Purchase is no longer a support function or attached to the apron strings of the production department. In an environment characterized by many unknowns, purchasing professionals must assist general management by providing purchasing expertise for strategic decisions. Purchasing can assist in calculating the probable impact of outside factors on supply, quality, and price. The program is designed to improve the understanding of the participants about strategic aspects of purchase function vis-à-vis developing their analytical skills.
Cost Reduction because of this Training or ROI on Training:
If participants start selecting the vendors based on TCO, they can recover the cost of the training in just one month. In fact, the cost of training could be a small fraction of the benefits accrued by implementing TCO. Still, a more big chunk of benefits is expected from Make Vs Buy Analysis. The intangible benefits are expected from the procurement strategy by using the Kraljic Matrix. The quantification of tangible and intangible benefits can be monitored by an increase in Inventory Turnover Ratio (ITR) for the raw material.
The training is suitable for:-
Purchase Heads or SCM Heads
Senior Operations Managers &
All Professionals in Sourcing & Procurement domain.
Objectives of the Programme:
By taking this course participants will:
Develop a threadbare understanding of the importance of the purchase function and how it impacts the business as a whole
Understand strategic aspects of the procurement function
Understand how to measure the performance of the purchasing department
Improve decision-making skills on make Vs buy items
Understand how to audit the procurement function
Unique Programme Takeaway: Participants will get a well-researched document on Procurement Strategy. The second takeaway is on Inventory Turnover Ratio (ITR). Participants will have a complete understanding of the reduction of working capital when ITR increases.
Indigenous concept by the faculty: In addition to the document on Procurement Strategy, how to analyze the procurement spend is always a challenge to procurement professionals. In this training, participants will get exposure to multiple ways of doing procurement spend analysis. These are developed by the faculty and participants will not find these in any book or website.
Traditional v New Age Procurement
Elements of Strategic Procurement
Concept of Total Cost of Ownership (TCO)
Development of Procurement Strategy by using the Kraljic Matrix
Various KPIs to measure the performance of the procurement function