Purchasing and Procurement Basics

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Description

Purchasing and procurement functions are about much more than bringing goods and services into an organisation. They are the foundation of strong, collaborative relationships with suppliers. Since many companies source products from around the globe more frequently than ever, a procurement manager needs strong capabilities. These skills cannot just be learned on the job: they need to be taught. As well, the value of procurement is now recognised as an integral part of cost control within the organisation.

In this content, you’ll learn the basics of procurement, including what a supply chain looks like, the purchasing cycle, essential tools and strategies for making the best purchasing relationships work, managing bids, and more.

Learning Outcomes:

  • Describe what a supply chain is
  • Describe their procurement department’s role within the organization
  • Understand the principles of the purchasing cycle
  • Apply the steps needed for managing a competitive bid process, from the request for proposals or qualifications through to negotiating the contract
  • Identify what it takes to set up a competitive bid for a contract
  • Defend their position on why a particular supplier should be selected based on an evaluation strategy
  • Be responsible for managing supplier performance, including controlling quality and setting and monitoring standards
  • Apply the tools of the procurement trade, from PC-based applications to cloud-based solutions

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