Best Practices in Purchasing

Implement the best procurement practices to maximize the cost saving opportunities.
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  • Lectures 7
  • Length 1 hour
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
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    Available on iOS and Android
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About This Course

Published 1/2016 English

Course Description

Welcome to our module on “Best practices in purchasing”. Purchasing has evolved from a transactional-based activity to the present-day value-added function. A successful purchasing is defined as the one that yields decent return on investment.

Cost optimization is one of the top priorities for any company. In this course, we will learn best practices in purchasing, and how we can achieve large cost savings while making a purchase, with the help of some very useful and interesting purchasing tools. This course was designed based on the instructor's real-world knowledge and experience, gained through hands-on operations.

Take this course now to make yourself indispensable at purchasing by learning some best practices and feel a major transformation yourself in the way you approach business savings. Good luck!

What are the requirements?

  • No basic knowledge required
  • Computer and internet connection

What am I going to get from this course?

  • Learn to effectively deploy best purchasing tools, and methodologies in your purchasing functions
  • Understand how to apply cost driver analysis to obtain a fair and reasonable price
  • Apply the Total Cost of Ownership tool to your supply chain's costs in order to support management decision-making
  • Learn how to maximize the saving opportunities with the help of best of best benchmarking
  • Learn zero based cost management approach to calculate the should-costs of simplest to most complex products

What is the target audience?

  • Purchasing/supply chain professionals who want to understand and use the latest best procurement practices to help their organizations maximize the efficiency of their purchasing function
  • Beginners as well as professionals
  • Students, entrepreneurs or start-ups seeking career in purchasing

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction
Course introduction
Preview
03:51
Section 2: Best of Best Benchmarking (BoB)
05:21
Best of best benchmarking is one of the key design-to-cost methods that is used to determine the most cost-efficient solution, with a market based cost estimation, especially when other methods do not reveal further cost saving potential. The course has been designed in such a manner that it will cover every aspect of BoB, i.e. its principle, targets and goals. A case study has been picked up in this course that will help understand the concept of benchmarking at the most basic level and learn how it leads to maximizing the savings opportunity.
Section 3: Total Cost of Ownership (TCO)
07:17

A TCO is a concept that is being used extensively in business around the world. In a simple language, Total Cost of Ownership (TCO) is an estimate of all direct and indirect costs associated with an acquisition throughout its life cycle. It exposes all the lifetime costs that can help an organization in any financial benefit analysis.

More often than not, it so happens that when a purchase person is asked to determine the total cost of a particular product or service, they end up calculating just the purchase price, TCO helps to deep dive into all the costs visible or not visible, associated with the product.

This module will help you learn all the elements of TCO concept with the help of a well-illustrated case study.

Section 4: Cost driver analysis
11:20

Cost driver is a factor that influences or contributes to the expenditure of any business operations. Cost driver analysis, if carried out in a properly defined manner, can be of great use for the organization. If you could outline the cost drivers with reasonable accuracy, you can efficiently focus on reducing the quantity of that cost driver. Thus, a correct cost driver analysis is a key to an effective management decision making. The entire course has been designed on the essence of a real life example where an analyst is hired to run the cost driver analysis for a particular organization . By the end of the course, you will be able to practice the concept of cost driver analysis at work and will achieve clarity about what it means to manage strategically.

Section 5: Zero based cost management
03:40

Cost optimization is always on a top priority for any company. All the traditional approaches are either insufficient in some aspect or are not effective enough. So, here we introduce to you all new approach to cost savings, "Zero based costing approach". This approach is used to calculate the should costs of simplest to the most complex products and hence figure out the cost saving ideas. In this lecture, we will introduce the basic concepts involved in this concept.

11:39
In this lecture, we will learn which products to select and then how to develop its complete understanding.
04:51

In this lecture, we will learn to build up the clean sheet model. This clean sheet model will then explain how superb it is when it comes to cost savings!

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