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:
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