Course Description
The Complete Course on Purchasing & Inventory Management equips you with the skills to lead procurement and inventory teams to achieve top-tier performance by running organizations more efficiently and effectively. In today’s competitive environment, balancing cost reduction with maintaining customer service levels is crucial for both procurement and inventory management. The course focuses on identifying performance gaps and addressing them to ensure continuous improvement toward meeting strategic goals.
Procurement and inventory management are often among the least understood areas in many organizations, yet they are key to driving strong business outcomes. By applying effective procurement and inventory management practices, businesses can achieve higher returns on investment, improved quality, lower costs, and reduced working capital.
This training course will feature:
Selection and application of management strategies
Managing suppliers to obtain best in class results
Reduction in inventory investment
Improved customer satisfaction
Management of Stock Keeping Units in terms of their priorities
What you will achieve
By the end of this training course, participants will be able to:
- Develop strategic purchasing plans & discuss how to improve internal customer service
- Explore many ways of reporting key performance indicators (KPIs)
- Understand the most important competencies for purchasing personnel
- Understand the importance of inventory & the role it plays in the profitability of the company
- Apply best methods to optimise the investment in inventory
How the course is delivered
This training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. The course is class-work based and will prompt delegates to reflect on current practices and on their current practices. The instructor will guide and facilitate learning using a wide range of methods including direct input, discussions, case studies and exercises in groups and pairs.
Designed for
The Complete Course on Purchasing & Inventory Management is for Professionals and Staff in organization that are responsible for improving quality, reducing costs, increasing productivity, raising inventory turns and enhancing customer service through better purchasing and inventory management.
This training course is suitable to a wide range of professionals, but will greatly benefit:
- Purchasing, Procurement, Contracts, Contract Administration, Projects personnel
- Engineering, Facilities, Finance and Maintenance Personnel
- Personnel involved in the planning and management of tender process
- Those involved in inventory management as a supplier, buyer, materials planner, warehousing, finance or even end-customer
- Those in general management wanting an understanding of the procurement and inventory processes
Daily programme
- Stages to World Class Purchasing
- How Purchasing is viewed today
- Strategic Sourcing
- Developing Spend Profiles and the ABC Analysis
- New Job Descriptions for Purchasing of the future
- Purchasing Personnel Required Skill Sets
- What are Best Practices
- Purchasing Gap Analysis
- Vision and Mission for Purchasing
- Developing the Purchasing Department Strategic Plan
- Developing Key Performance Indicators (KPIs) for Procurement
- Developing a Company Purchase Price Index
- Cost Reduction Initiatives
- Methods of Cost Containment
- Waste in the Supply Chain
- Breaking Down the Elements of Supplier Cost
- Commodity/Service Strategic Planning
- Resisting Price Increases
- Supplier Classification System
- Supplier Qualification Methods
- Supplier Performance Metrics
- Apply Performance criteria to Purchasing Decisions
- Process Mapping To Eliminate Low Value Activities
- Applying eProcurement business process
- Global Sourcing
- International Labor Rates Comparison
- Developing and Maintaining a Customer Focus
- Basic Issues in Corruption And Fraud Prevention
- Increasing the Level of Procurement Professionalism
- Keeping Current in the profession
- MODULE II
- The Complete Course on Inventory Management
- The purpose of inventory in the value chain
- Classification of inventory
- Procedure for eliminating obsolete inventory
- Pareto Law in identifying product Classification
- Location of inventory
- Using Economic Order Quantity on managing inventory order levels
- Basic forecasting methods
- Customer segmentation
- Hierarchy of planning
- Aggregate planning
- Maintenance & Inventory planning meeting
- Master Scheduling
- Principles of forecasting
- Effect of lead time on the forecasting process
- Quantitative forecasting
- Qualitative forecasting
- Tracking forecast accuracy
- ·Determining safety stock
- Period stock take
- Cycle counting
- Perpetual recording
- Utilizing Bar-cades to manage inventory and movements
- The use of Radio Frequency Identification (RFID) for recording inventory movement
- Inventory accounting
- Stock turnover rate
- Customer service
- Cost of operations
- Measuring the effectiveness of your system
- How to use the measurements
- Class exercise on selective inventory management
Certification & accreditation
BII Certificate of Completion
BII Certificate of Completion Upon successful completion, participants receive a BII Development Institute Certificate of Completion with a unique reference code that is independently verifiable. Our certificates are recognised internationally and reflect successful completion of your chosen programme.
