The Complete Course on Purchasing & Inventory Management

Objectives

• 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 optimize the investment in inventory

Outline

 The Complete Course on Purchasing Management
• 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

• 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

• 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

• 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

• 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

 The Complete Course on Inventory Management
• 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

• Demand Planning
 Basic forecasting methods
 Customer segmentation
 Hierarchy of planning
 Aggregate planning
 Maintenance & Inventory planning meeting
 Master Scheduling

• Forecasting
 Principles of forecasting
 Effect of lead time on the forecasting process
 Quantitative forecasting
 Qualitative forecasting
 Tracking forecast accuracy
 Determining safety stock

• Inventory Recording
 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

• 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

Who Should Attend ?

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