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Purchase is no longer a support function or attached to the apron strings of production department. In an environment characterized by many unknowns, purchasing professionals must assist general management by providing purchasing expertise for strategic decisions. Purchasing can assist in calculating the probable impact of outside factors on supply, quality and price. The programme is designed to improve the understanding of the participants about strategic aspects of purchase function vis-à-vis developing their analytical skills.
Cost Reduction because of this Training or ROI on Training: –
If participants start selecting the vendors based on TCO, they can recover cost of the training in just one month. In fact cost of training could be small fraction of the benefits accrued by implementing TCO. Still more big chunk of benefits are expected from “Make Vs Buy Analysis”. The intangible benefits are expected from procurement strategy by using Kraljic Matrix. The quantification of tangible and intangible benefits can be monitored by increase in Inventory Turnover Ratio (ITR) for the raw material.
Objectives of the Programme: –
By taking this course participants will:
Unique Programme Takeaway: – Participants will get well-researched document on “Procurement Strategy”. The second takeaway is on Inventory Turnover Ratio (ITR). Participants will have complete understanding on reduction of working capital when ITR increases.
Indigenous concept by the faculty: – In addition to the document on “Procurement Strategy”, how to analyse the procurement spend is always a challenge to procurement professional. In this training participants will get exposure to multiple ways of doing procurement spend analysis. These are developed by the faculty and participants will not find these in any book or website.