Procurement Management Fundamentals

Master the Essentials of Procurement: Strategies and Performance for Organizational Success

What you'll learn

Define strategic sourcing and its importance in achieving procurement objectives.

Learn about the typical procurement cycle and the key steps involved.

Learn techniques for conducting supplier market research and analysis.

Understand how to establish and manage strong, long-term relationships with suppliers.

Develop and Implement Procurement Plans

Measure and Improve Procurement Performance

Requirements

Basic Understanding of Business Operations

No Prior Procurement Experience Required

Access to a Computer with Internet

Willingness to Engage in Learning Activities

Description

In today’s competitive business environment, effective procurement management is crucial to ensuring organizational success and sustainability. "Procurement Management Fundamentals" is a targeted, 3-hours course designed to provide a solid foundation in procurement practices, making it ideal for both newcomers and professionals looking to enhance their procurement skills.This course is structured into three comprehensive modules, each containing four lessons that delve into the essential aspects of procurement management. The curriculum begins with an introduction to procurement, offering an overview of its role within organizations and the importance of efficient procurement processes in achieving business goals. Learners will explore the critical roles and responsibilities within procurement, gaining insights into how procurement professionals interact with other departments and external stakeholders to add value to their organizations.As the course progresses, participants will be introduced to strategic sourcing, a key element of procurement that involves analyzing and selecting suppliers to optimize the cost and quality of goods and services. This module emphasizes the importance of market research, understanding supplier capabilities, and developing criteria for supplier selection. Students will also learn about the importance of maintaining strong supplier relationships, which are vital for long-term success and risk management.The final module focuses on procurement performance measurement and continuous improvement. Learners will be introduced to key performance indicators (KPIs) and how they can be used to measure and improve procurement efficiency. The course also discusses the role of audits and assessments in maintaining procurement integrity and the importance of continuous improvement methodologies in driving procurement excellence. Additionally, participants will explore the latest digital tools and technologies that are transforming procurement practices, preparing them to leverage these advancements in their own procurement functions.By the end of the course, learners will have a robust understanding of procurement management principles and practices, equipped with the tools and techniques to make informed procurement decisions, manage supplier relationships effectively, and contribute to their organization’s strategic procurement objectives. Whether you are new to procurement or seeking to solidify and expand your knowledge, this course will provide you with the essential skills needed to excel in the field.

Overview

Section 1: Introduction to Procurement Management

Lecture 1 Overview of Procurement

Lecture 2 Key Roles in Procurement

Lecture 3 Procurement Processes and Procedures

Lecture 4 Legal and Ethical Considerations in Procurement

Section 2: Strategic Sourcing and Supplier Selection

Lecture 5 Understanding Strategic Sourcing

Lecture 6 Supplier Market Analysis

Lecture 7 Criteria for Supplier Selection

Lecture 8 Building and Maintaining Supplier Relationships

Section 3: Procurement Performance Measurement and Continuous Improvement

Lecture 9 Key Performance Indicators (KPIs) in Procurement

Lecture 10 Procurement Audits and Assessments

Lecture 11 Continuous Improvement in Procurement

Lecture 12 Leveraging Technology in Procurement

Aspiring Procurement Professionals,Business Managers and Owners,Professionals Seeking to Enhance Their Skills