COURSE OVERVIEW

 

This practical and highly-interactive course includes various practical sessions and exercises. Theory learnt will be applied using the “MS Excel” application. 

 

This course is designed to provide delegates a detailed and up-to-date overview of Tactical Purchasing Practices for Cost Optimization. It covers the importance of tactical purchasing in cost management; the procurement expenses without compromising quality, enhancing supplier relationships and minimizing waste and inefficiencies in the supply chain; the procurement needs and specifications and supplier selection and evaluation including purchase order management and follow up; the role of tactical purchasing in supply chain management and building a cost-effective procurement strategy; adhering to local and international procurement laws; and managing risks related to non-compliance. 

 

Further, the course will also discuss the supplier evaluation and selection criteria and negotiation techniques with suppliers; building trust and collaboration with suppliers; managing performance through regular reviews and handling disputes and conflicts effectively; the cost-effective sourcing methods and supplier risk management; the leveraging technology for supplier management; and the cost breakdown analysis, budgeting for procurement, category management and purchase order optimization. 

During this interactive course, participants will learn to balance inventory levels to reduce holding costs, implement just -in-time (JIT)  inventory practices, managing stockouts and excess inventory and use inventory analytics for decision-making; eliminating waste in the procurement process and cost saving through volume leverage; implementing collaborative purchasing with stakeholders, data-driven decision making in purchasing and contract management for cost optimization; the opportunities for outsourcing procurement tasks, managing third-party procurement services and measuring the cost -effectiveness of outsourcing; the sustainable purchasing practices, purchasing performance monitoring and reporting and communication in procurement; and auditing procurement process and continuous improvement in tactical purchasing.