In the current economic climate inventory is more important than ever.
The cost of materials is often 55-70% of the product cost, in the manufacturing sector, and the quality of the finished product is heavily dependent upon the quality of material purchased. Hence the impact of the Purchase function on cash flow and profitability is very high.
With slowing activity due to the pandemic, inventory decisions that result in excess inventory will take much longer to correct and the working capital that is tied up hurts even more when capital is hard to come by. Improve inventory turns, lower operating costs and enhance customer satisfaction.
This workshop brings out a new way of looking at the functions and processes involved in the field of procurement. It helps you align your procurement strategies with management expectations and to identify actionable points, which can have an immediate effect on improving the performance of the organization in the short term, and are consistent with strategic imperatives in the long term.
The program will help you strengthen the performance of your Vendor base by enabling them to acquire the skills and capacities to raise the product quality, on-time delivery, and reduce working capital besides cost competitiveness.
This purchase management workshop would be of greatest value to professionals working in areas related to procurement and outsourcing.
- Purchase Function – traditional role and changing relevance
- Reconstruction of Purchase function for a strategic role
- Purchase’s role in strong supply chain and impact on yield
- Just In Time (JIT) Procurement
- EOQ (Economic Order Quantity) concept and modern interpretation
- Effective strategic sourcing
- Vendor Selection and Evaluation
- Vendor Development – Value drivers
- Vendor Rationalization
- Delivery Performance monitoring
- Volume flexibility
- Vendor meet
- Vendor reward scheme
- Vendor satisfaction survey
- Ethics in Purchasing
- Purchase Negotiations
- Case examples and illustrations from practice
- Actionable points for immediate and long term application
- KPIs for effective Sourcing