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Demand & Supply Chain Management Evolution

Course Detail

Fundamentals of Purchasing: The Building Blocks of World-Class Professionalism

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Education Center: ISM - Institute for Supply Management
Date: Please check (on your top-right) for a new edition
City: Orlando, FL

Duration: 2 days

Begin with the fundamentals and build a foundation for world-class professionalism. This seminar starts with key procurement and supply management concepts and moves to leading-edge supply chain issues affecting worldwide organizations. Through a variety of interactive methods, participants will explore innovative techniques and effective tools to become a valuable asset to their organizations. This foundational seminar will give you the confidence to effectively perform your job.

This meeting will run from 8:30 AM until 4:30 PM daily.

Who should attend

New procurement and supply management professionals, as well as more experienced professionals who want to refresh and update their skills. Also, any company employee who interacts with supply management and suppliers.

You will learn

  • Key supply management terms and definitions
  • The key contributions supply management makes to corporate strategy and value creation
  • How to evaluate and design supply management processes
  • How to use technology to enhance procurement’s contribution
  • Sourcing strategies for various categories, sourcing analysis and commodity and category management
  • A variety of supplier management skills and techniques
  • Key negotiating elements and tools for successful negotiations
  • Steps in cost management, cost analysis and price/cost issues
  • Ethics and the legal aspects of supply management.

You will earn 21 CE hours

Course outline

  1. Developments in purchasing and supply management — Key terms and definitions; Purchasing's contribution to corporate strategy and value creation; Sustainability and social responsibility; The essential role of purchasing and supply; How to identify objectives for effectiveness
  2. Perspectives on evaluating and redesigning the supply management process — Streamlining tasks to focus on value-add activities; Using technology tools to enhance procurement’s contribution; Tools for increasing acquisition process efficiency and value; Managing small-dollar buys; Risk management
  3. Strategic sourcing and sourcing analysis methods — Sourcing strategies for different categories of purchases; Sourcing analysis methods; Commodity and category management
  4. Supplier management skills — When, where and how to use RFIs, RFQs, RFPs and competitive bidding; Approaches to supplier identification, evaluation, selection and performance measurement; Managing supplier relations; Implications for quality and cost management
  5. Key elements of negotiation — The what, when and why of negotiations; Negotiation philosophies and styles; Preparing for and conducting negotiations; Strategy development and tactics
  6. Essential cost management techniques — Steps in price and cost analysis; Identifying and estimating cost elements; Basic cost analysis applications; Market and pricing issues; Process mapping to locate cost drivers
  7. Ethical and legal aspects of supply management — Ethics and ethical behavior defined; Contract law and the Uniform Commercial Code (UCC); Patents and trademarks; Law of agency; Basic types of contracts; Elements of contract formation

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