Strategic Sourcing: Adding Value through Procurement - Virtual Learning

Why Attend

The procurement department is often viewed and managed as an administrative function, with sourcing activities executed at arms-length. Strategic sourcing addresses this issue by providing a strategic approach towards optimizing and continuously improving sourcing activities using a proven step by step methodology. In this course, we describe the steps entailed in the strategic sourcing process. We outline an approach for developing product categories via an analysis of organizational spend. We then discover six go-to-market strategies and describe how each can be matched with different product categories. Finally, we identify the appropriate Key Performance Indicators (KPIs) required for the continuous improvement of sourcing activities.

Course Objectives

By the end of the course, participants will be able to:

  • Analyze internal spend and supply market dynamics to provide a foundation for sourcing plans
  • Execute different sourcing strategies to optimize savings and ensure supply security
  • Identify appropriate suppliers for effective execution of sourcing plans 
  • Describe operational and strategic procurement processes for better value
  • Manage performance of procurement processes for continuous improvement

Target Audience

Purchasing and supply chain professionals at all levels of the organization as well as other company personnel who are involved in the purchasing process.

Target Competencies

  • Analyze internal spend and supply market dynamics to provide a foundation for sourcing plans
  • Execute different sourcing strategies to optimize savings and ensure supply security
  • Identify appropriate suppliers for effective execution of sourcing plans 
  • Describe operational and strategic procurement processes for better value
  • Implement different purchasing methods to streamline procurement operations
  • Apply supplier integration techniques for sustainable supplier relations
  • Manage performance of procurement processes for continuous improvement
  • Module 1: Analyze spend categories
    • Recognizing strategic role of procurement
    • Strategic sourcing in supply chain context
    • Steps to strategic sourcing
    • Analyzing spend categories
    • Profiling spend categories
    • Analyzing financial impact
    • Assessing market risks
    • Consolidating category reports
    • Operating the strategic sourcing toolkit
    • Applying Total Cost of Ownership (TCO) 
    • Segmentation and analysis of suppliers
  • Module 2: Develop sourcing strategies
    • Mapping spend categories using purchasing strategy matrix
    • Routine items
    • Bottleneck items
    • Leverage items
    • Strategic items
    • Managing balance of power in buyer-supplier relations
    • 6 key sourcing strategies
    • Applying sourcing strategies effectively
  • Module 3: Identify suppliers
    • Locating suppliers
    • Registering suppliers
    • Assessing suppliers
    • Sourcing locally
    • Describing vendor diversity programs
  • Module 4: Integrate suppliers
    • Prequalifying suppliers
    • Managing supplier certification programs
    • Partnering with suppliers
    • Managing Supplier Level Agreements (SLAs)
  • Module 5: Manage procurement performance for continuous improvement
    • Managing a strategic sourcing plan
    • Measuring, analyzing and reporting on performance
    • Developing improvement initiatives
    • Institutionalizing supplier report cards
    • Monitoring industry conditions
    • Bringing it all together

Meirc Professional Certificate (MPC)

MPC certified courses by Meirc Training and Consulting are designed for those willing to challenge themselves and go the extra distance. Participants who fully attend an MPC course and successfully complete the test on the last day, will receive a Meirc Professional Certificate (MPC), in addition to the one they receive for attendance. MPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

MPC
Per participant

USD 1,750

Fees + VAT as applicable

Tax Registration Number : 100239834300003

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