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CILT Endorsed Strategic Sourcing: 7 Steps for Better Procurement Value

CILT Endorsed Strategic Sourcing: 7 Steps for Better Procurement Value

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 7-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.

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Overview
Course Methodology

This course uses a variety of individual and team exercises, case studies, questionnaires and videos.

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
  • Implement different purchasing methods to streamline procurement operations
  • Apply supplier integration techniques for sustainable supplier relations
  • 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
  • Vendor integration
  • Vendor performance management
  • Sourcing strategies
  • Market analysis
  • Strategic thinking
  • Continuous performance improvement
Course Outline
  • Step 1: Analyze spend categories
    • Recognizing strategic role of procurement
    • Strategic sourcing in supply chain context
    • 7 steps to strategic sourcing
    • Analyzing spend categories
      • Profiling spend categories
      • Analyzing financial impact
      • Assessing market risks
      • Consolidating category reports
    • Applying Total Cost of Ownership (TCO) 
  • Step 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
  • Step 3: Identify suppliers
    • Locating suppliers
    • Registering suppliers
    • Assessing suppliers
    • Sourcing locally
    • Describing vendor diversity programs
  • Step 4: Develop procurement processes
    • Scoping procurement processes
    • Describing strategic and operational processes
    • Developing procurement processes
    • Rules governing use of flowchart symbols 
    • Integrating ethical principles
  • Step 5: Implement procurement processes
    • Managing RFI, RFQ and RFP processes
    • Defining bid evaluation criteria
    • Implementing innovative purchasing methods
    • Using purchasing decision matrix
    • Employing purchasing templates
  • Step 6: Integrate suppliers
    • Prequalifying suppliers
    • Managing supplier certification programs
    • Partnering with suppliers
    • Managing Supplier Level Agreements (SLAs)
    • Typical SLA table of contents
  • Step 7: Manage procurement performance for continuous improvement
    • Managing a strategic sourcing plan
    • Measuring, analyzing and reporting on performance
    • Developing improvement initiatives
    • Institutionalizing supplier report cards
    • Bringing it all together
Schedule & Fees

2023 Schedule & Fees

Location & Date
Fees
Per participant

USD 5200

Fees + VAT as applicable

(including coffee breaks and a buffet lunch daily)

Discount Plans & Cancellations Policy

Meirc reserves the right to alter dates, content, venue, trainer, and to offer courses in an integrated virtual learning (IVL) format whereby face to face classroom participants and virtual learners participate simultaneously in the same course in an interactive learning experience.

Tax Registration Number: 100239834300003

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