Course Overview:
Strategic Sourcing and Procurement Management Training course is designed to provide procurement professionals with the knowledge and tools to effectively manage sourcing strategies, procurement processes, supplier relationships, and cost efficiencies in the modern global marketplace. It combines theory and practical exercises to give participants a comprehensive understanding of how to align procurement and sourcing with organizational goals, drive value, and improve overall performance.
Participants will learn strategic approaches to sourcing, negotiation techniques, contract management, risk mitigation, and the latest trends in procurement management. The course also covers supplier performance evaluation, the role of technology in procurement, and how to contribute to an organization’s competitive advantage.
Duration
10 Days
Who Should Attend
- Procurement Managers and Officers
- Sourcing Managers
- Supply Chain and Logistics Professionals
- Contract Managers and Administrators
- Purchasing Officers
- Operations Managers
- Financial Managers involved in procurement decisions
- Professionals seeking to improve their strategic sourcing and procurement skills
Course Objectives
By the end of this course, participants will be able to:
- Understand the strategic role of procurement in achieving organizational goals.
- Develop and implement strategic sourcing plans.
- Apply effective negotiation techniques to secure favorable contracts and agreements.
- Manage supplier relationships and performance to ensure long-term collaboration.
- Implement procurement processes that optimize costs, quality, and lead times.
- Use technology to enhance procurement efficiency, including e-procurement systems.
- Identify, analyze, and mitigate risks in the procurement process.
- Understand the impact of sustainable sourcing and corporate social responsibility.
- Measure procurement performance using key metrics and analytics.
- Align procurement strategy with broader business objectives to drive value creation.
Course Outline:
Module 1: Introduction to Strategic Sourcing and Procurement
- Overview of procurement and its strategic role
- Key concepts in sourcing and procurement management
- Aligning procurement with business strategy
- The evolution of procurement: from operational to strategic function
Module 2: Strategic Sourcing Process
- Stages of the strategic sourcing process
- Identifying sourcing needs and opportunities
- Supplier market analysis and segmentation
- Developing a sourcing strategy aligned with organizational goals
Module 3: Supplier Selection and Evaluation
- Criteria for selecting suppliers
- Supplier qualification and evaluation frameworks
- Conducting supplier audits and assessments
- Building and maintaining strategic supplier relationships
Module 4: Contract Management
- Key elements of procurement contracts
- Contract negotiation strategies and techniques
- Legal considerations in procurement
- Managing contract lifecycle and ensuring compliance
Module 5: Negotiation Skills for Procurement Professionals
- Principles of effective negotiation in procurement
- Techniques for win-win negotiations
- Managing difficult negotiations and resolving conflicts
- Role-playing exercises and negotiation simulations
Module 6: Cost Management and Optimization
- Cost analysis and cost reduction strategies
- Total cost of ownership (TCO) and life cycle costing
- Identifying cost drivers in the procurement process
- Enhancing procurement performance through cost control
Module 7: Risk Management in Procurement
- Identifying and analyzing procurement risks
- Developing risk mitigation strategies
- Managing supply chain disruptions
- Business continuity planning for procurement
Module 8: Sustainable Sourcing and Corporate Social Responsibility (CSR)
- Sustainability and ethical considerations in sourcing
- Incorporating CSR into procurement decisions
- Supplier diversity and green procurement practices
- Case studies on sustainable procurement strategies
Module 9: Procurement Technologies and E-Procurement
- Introduction to e-procurement systems and tools
- Leveraging technology to streamline procurement
- Data analytics in procurement decision-making
- Future trends: AI, blockchain, and procurement automation
Module 10: Measuring and Improving Procurement Performance
- Key performance indicators (KPIs) for procurement
- Benchmarking procurement performance
- Continuous improvement in procurement processes
