Procurement (Sourcing & Purchasing)

Name: Procurement (Sourcing & Purchasing)
Rating: 4.5 (1393 reviews)

The Procurement course is designed to provide participants with a comprehensive understanding of the principles

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Highest Rated

Created bye3 Business

Last updated 8/2023

English

What you'll learn

Objective of Procurement
Products types in Procurement
Procurement Vs. Purchasing
Procurement decisions

Course content

3 sections • 25 lectures • 2h 45m total length

Introduction7:45
Objective of Procurement ( Part 1 )12:36
Procure the right material, product, or service at the right time, price, quantity, and quality, balancing cost, delivery, and sustainability within the supply chain strategy.
Objective of Procurement ( Part 2 )5:17
Align procurement with business strategy by effectively managing sourcing, supply base, and supplier relationships to obtain the right quality, price, and timing, including regional discounts and ERP integration.
Products types in Procurement2:41
Procurement Vs. Purchasing ( Part1 )5:24
Procurement Vs. Purchasing ( Part 2 )9:03
Distinguish procurement from purchasing by detailing market research, vendor selection, and contract negotiation. Learn how sourcing and buying, along with spend analysis, shape strategic supplier management.
Procurement Vs. Purchasing ( Part 3 )2:54
Explain how procurement and sourcing establish a sourcing strategy with SOPs, qualify suppliers with ISO and health approvals, and use tenders and auctions to negotiate contracts.
Procurement Vs. Purchasing ( Part 4 )8:51
Understand the difference between procurement and purchasing within the supply chain, from buyer requisitions to supplier payment, and the six procurement processes: specification, selection, contracting, ordering, expediting, and evaluation.

Procurement decisions ( Part 1 )10:35
Procurement decisions ( Part 2 )2:19
Learn to manage supplier contracts, categorize suppliers into category a, category b, and category c suppliers, and prioritize bottleneck and strategic partners, with integrated ERP visibility and real-time shipment notifications.
Procurement process overview9:28
Leverage effect of Procurement8:29
what is the difference between Vendor & a Supplier3:51
Differentiate vendor and supplier in procurement. Suppliers provide raw materials to manufacturers at the start, while vendors deliver goods to customers at the end, influencing cost, risk, and value decisions.
key sourcing ( Part 1 )6:14
Learn the sourcing phase of procurement, detailing supplier evaluation and scoring across replenishment lead time, on-time performance, quality, costs, and collaboration to shape contracts and purchasing.
key sourcing ( Part 2 )5:13
key sourcing ( Part 3 )9:16

Supplier Selection ( Part 1 )8:12
Learn how to select suppliers via single or multiple sourcing, assess and score them, and use auctions and negotiations to secure contracts, including sealed bid, English, Dutch, and second-price auctions.
Supplier Selection ( Part 2 )6:36
Negotiate with suppliers to capture bargaining surplus by aligning buyer and supplier value through auction or negotiation. Explore contract types buyback, revenue sharing, and quantity flexibility to manage procurement outcomes.
Design Collaboration5:07
Collaborate with suppliers during the design stage to design manufacturing parts and select raw materials, achieving cost reductions up to 30%, shorter lead times, and lower inventory.
The Purchasing Process6:40
Product categorization6:45
Monitoring & controlling purchasing5:34
Sourcing Planning and Analysis6:53
Procurement Negotiation tips ( part 1 )5:39
Procurement Negotiation tips ( Part 2 )4:21

Requirements

No experience needed. You will learn everything you need to know

Description

Procurement is the process of acquiring goods, services, or works from external suppliers to meet the needs of an organization. It is a critical function within supply chain management and involves various activities, including identifying requirements, sourcing suppliers, negotiating contracts, and managing supplier relationships. Effective procurement practices can contribute to cost savings, improved efficiency, and overall business success.

Procurement plays a vital role in ensuring that organizations obtain the necessary goods, services, or works to meet their operational requirements.

It involves identifying the right suppliers, negotiating favorable terms, and managing the procurement process from start to finish.

Procurement aligns organizational needs with external market capabilities to achieve value for money and meet quality standards.

The Procurement (Sourcing & Purchasing) course is designed to provide participants with a comprehensive understanding of the principles, strategies, and best practices in procurement. The course will cover the entire procurement process, from sourcing suppliers to negotiating contracts and managing supplier relationships. Participants will learn how to optimize procurement activities to achieve cost savings, improve efficiency, and enhance supply chain performance.

And you will be able to:

Identifying Requirements: The procurement process begins by understanding and documenting the organization's needs and requirements for goods or services.

Supplier Sourcing: Procurement involves identifying and evaluating potential suppliers who can meet the organization's requirements.

Supplier Selection: The organization assesses suppliers based on criteria such as price, quality, delivery capabilities, financial stability, and ethical practices.

Negotiation and Contracting: Negotiations take place to establish mutually beneficial agreements with selected suppliers, and contracts are created to formalize the terms and conditions.

Who this course is for:

Students
Managers
Everyone who works in the field of procurement

Procurement (Sourcing & Purchasing)

What you'll learn

Explore related topics

Course content

Procurement Basics8 lectures • 55min

Strategic Sourcing8 lectures • 55min

Supplier Scoring & Assessment9 lectures • 56min

Requirements

Description

Who this course is for: