A highly interactive training

The Complete Course on Purchasing & Inventory Management

Coventry Academy -  The Complete Course on Purchasing & Inventory Management

Course Schedules

 29 Jul-09 Aug 2024
 04-15 Nov 2024
 10-21 Feb 2025
 28 Jul-08 Aug 2025

Training course overview

This 10-day training course covers the skills required to lead procurement and inventory teams to world class performance by running organisations leaner, effectively and efficiently. The pressure to reduce costs, while maintaining customer service levels is essential in both procurement and inventory management. It focuses on the ‘gaps’ in performance to be filled in order to provide the continuous improvements needed to meet strategic objectives.

Procurement and inventory are two of the least understood areas of business in many organisations, but are essential for good business results. Adopting sound procurement and inventory management principles will lead to better return on investment, improved quality, lower costs, and reduced working capital.

The Coventry Academy 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 are the goals?

By the end of the 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

Who is this training course for?

This training course is for Professionals and Staff in organisation that are responsible for improving quality, reducing costs, increasing productivity, raising inventory turns and enhancing customer service through better purchasing and inventory management.

This Coventry Academy 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

How will this training course be presented?

This training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. The training course is class-work based and will prompt delegates to reflect on current practices and on their current practices. The Tutor will guide and facilitate learning using a wide range of methods including direct input, discussions, case studies and exercises in groups and pairs.

Course Outline

Module 1The Complete Course on Purchasing Management

Day One: The 1st Steps to Becoming World Class
  • 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
Day Two: Evaluating Your Own Operation
  • 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
Day Three: Continuous Improvement and How to Get It
  • 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
Day Four: Supplier Management Approaches
  • 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
Day Five: Improving the Image of Procurement
  • 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 2The Complete Course on Inventory Management

Day Six: Inventory in the Value Chain
  • 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
Day Seven: Demand Planning
  • Basic Forecasting Methods
  • Customer Segmentation
  • Hierarchy of Planning
  • Aggregate Planning
  • Maintenance & Inventory Planning Meeting
  • Master Scheduling
Day Eight: Forecasting
  • Principles of Forecasting
  • Effect of Lead Time on the Forecasting Process
  • Quantitative Forecasting
  • Qualitative Forecasting
  • Tracking Forecast Accuracy
  • Determining Safety Stock
Day Nine: Inventory Recording
  • Period Stock Take
  • Cycle Counting
  • Perpetual Recording
  • Utilising Bar-Cades to Manage Inventory and Movements
  • The Use of Radio Frequency Identification (RFID) for Recording Inventory Movement
  • Inventory Accounting
Day Ten: Performance Measurement
  • 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

The certificate

  • Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course

Coventry Academy
Typically replies within an hour

Hi there 👋
My name is Florence. Please tell me how I can assist you..