Purchasing and Inventory Management Best Practice

Purchasing and Inventory Management Best Practice
OBJECTIVES
• Develop strategic purchasing plans & discuss how to improve internal customer service
• Explore many ways of reporting key performance indicators (KPIs)
• Understand the most important competencies for purchasing personnel
• Understand the importance of inventory & the role it plays in the profitability of the company
• Apply best methods to optimize the investment in inventory

CONTENT
The 1st Steps to Becoming World Class
• Stages to World Class Purchasing
• How Purchasing is viewed today
• Strategic Sourcing
• Developing Spend Profiles and the ABC Analysis
• New Job Descriptions for Purchasing of the future
• Purchasing Personnel Required Skill Sets

Evaluating Your Own Operation
• What are Best Practices
• Purchasing Gap Analysis
• Vision and Mission for Purchasing
• Developing the Purchasing Department Strategic Plan
• Developing Key Performance Indicators (KPIs) For Procurement
• Developing A Company Purchase Price Index

Supplier Management Approaches
• Supplier Classification System
• Supplier Qualification Methods
• Supplier Performance Metrics
• Apply Performance criteria to Purchasing Decisions
• Process Mapping To Eliminate Low Value Activities
• Applying E-Procurement business process

Improving the Image of Procurement
• Global Sourcing
• International Labor Rates Comparison
• Developing and Maintaining a Customer Focus
• Basic Issues In Corruption And Fraud Prevention
• Increasing The Level of Procurement Professionalism
• Keeping Current in the profession
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Inventory in the Value Chain
• The purpose of inventory in the value chain
• Classification of inventory
• Procedure for eliminating obsolete inventory
• Pareto Law in identifying product Classification
• Location of inventory
• Using Economic Order Quantity on managing inventory order levels

Inventory Recording
• Period stock take
• Cycle counting
• Perpetual recording
• Utilizing Bar-cades to manage inventory and movements
• The use of Radio Frequency Identification (RFID) for recording inventory movement
• Inventory accounting

Performance Measurement
• Stock turnover rate
• Customer service
• Cost of operations
• Measuring the effectiveness of your system
• How to use the measurements
• Class exercise on selective inventory management

Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.

DATE:

1ST BATCH:        14th – 17th Jan, 2025      

2ND BATCH:     24th – 27th June, 2025