Strategic Procurement and Inventory Management

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This Training program covers the skills required to lead procurement and inventory teams to world class performance by running organizations leaner, effectively and efficiently. The pressure to reduce costs, while maintaining customer service levels is essential in both procurement and inventory management.

Adopting sound procurement and inventory management principles will lead to better return on investment, improved quality, lower costs, and reduced working capital. In an Environment characterized by many unknowns, procurement professionals must assist general management by providing purchasing expertise for strategic decisions as it plays an important role in the profitability and success of the business. The Objective of this program 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.

Learning Objectives

1. Develop the understanding of the importance of the procurement function and how it impacts the business as a whole.
2. Take decisions effectively as to how much quantity to order, when to order and why only that quantity to order.
3. Negotiate better in procurement with suppliers.
4. Understand Procurement and Sourcing Strategy.
5. Design Selection and Evaluation process of supplier base.
6. Understand Procurement Policies , Procedures & Ethics.
7. Understand the importance of inventory & its impact on the profitability.
8. Apply best methods to optimize the investment in inventory.
9. Techniques to increase productivity and achieve savings through effective purchasing & cost reduction techniques.
10. Understand the KPIs to drive 0perations excellence.

Content Delivery Method

Physical or Virtual

HRD Corp Certified Course


Duration and Language

2 days, available in English

Target Audience

Junior to mid-level employees

Key Skillset Addressed

Decision Making, Understanding Procurement and Sourcing Strategy, Operations Excellence, Optimizing Inventory, Cost Reduction Techniques